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11.01.2008 - MDM Comment: Good news for holders of CASHYD 2013

HydroOGK (Baa3/NR/BBB-), Russia's largest generation company, has said yesterday that it plans to merge with Cascade of Nizhne-Cheretsk HPP by the middle of 2008. We think this is good news for the holders of a USD60m 10.5% CLN issued by the Cascade about a year ago. We think that the fair price of the 5-year USD HydroOGK risk is not more than 7.5%, hence the price upside (from around par, i.e. where last trades were seen) in the CASHYD 13 bond is very significant. Unfortunately, the issue is quite illiquid.

20.02.2008 15:59
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