Kazakhstan’s third-biggest lender, BTA, formally defaulted on its debt for the second time last month, derailing what was the biggest-ever emerging market corporate debt restructuring. A grace period ended on January 18 after the bank missed a $160 million interest payment on its $2 billion Eurobond due 2018. The default comes just 18 months after creditors signed up to an initial restructuring, with a 70% haircut on $16.6 billion in debt after its first default, in 2009.
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