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India’s Yes Bank writes down Rs. 84.15 billion of debentures
By Sarah Lizee
Olympia, Wash., March 16 – Yes Bank Ltd.’s Rs. 30 billion of perpetual subordinated Basel III compliant additional tier I bonds issued on Dec. 23, 2016 and Rs. 54.15 billion of perpetual subordinated Basel III compliant additional tier I bonds issued on Oct. 18, 2017 have been fully written down following approval of the company’s 2020 limited reconstruction scheme by the central government on Monday.
The bonds stand extinguished with immediate effect, according to a notice.
The bank is deemed to be non-viable or approaching non-viability, and accordingly, the triggers for a write-down of some Basel III additional tier I bonds issued by the bank has been triggered.
The AT1 bonds need to be fully written down permanently before any reconstruction of the bank is undertaken.
Yes Bank is a private sector bank with headquarters in Mumbai.
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