Kaupthing Bank fails to make payment on yen-denominated bond

21. Oktober 2008

HONG KONG (MarketWatch) — Iceland’s Kaupthing Bank has not made interest payments on a 50 billion yen ($492.04 million) bond due Monday, becoming at risk of default if it fails to make payment within seven days, according to a Japanese media report Tuesday. Underwriters Daiwa Securities SMBC Co. and Nomura Securities Co. said Kaupthing Bank failed to make a scheduled payment on the three-year bond Monday, the Nikkei newspaper reported. Kaupthing Bank was placed under state control on Oct. 8. End of Story

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