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CDS Panel to Mull Queries on Possible Russian Default

RUSSIA
  • Bloomberg reports that a CDS panel is to mull a query on a possible Russian default, concerning the payment of interest during the grace period.
  • Those headlines following the continued will-they-won't-they of Russian default. Siluanov yesterday stated that Russia will continue to meet their foreign debt obligations, but will look to settle the payments in RUB.
  • The comments followed the expiration of the US license that allowed Russia to settle payments in USD. This expired yesterday (known as General Licence 9A).- First real crunch date occurs on June 24th, when a $159mln USD payment is due. If no USD are received the bond will technically enter a 30-day grace period before formally defaulting.
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  • Bloomberg reports that a CDS panel is to mull a query on a possible Russian default, concerning the payment of interest during the grace period.
  • Those headlines following the continued will-they-won't-they of Russian default. Siluanov yesterday stated that Russia will continue to meet their foreign debt obligations, but will look to settle the payments in RUB.
  • The comments followed the expiration of the US license that allowed Russia to settle payments in USD. This expired yesterday (known as General Licence 9A).- First real crunch date occurs on June 24th, when a $159mln USD payment is due. If no USD are received the bond will technically enter a 30-day grace period before formally defaulting.