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Default Watch – CDS Panel Meets Today

RUSSIA
  • Today marks a meeting of the CDS Panel (due at 1200BST/0700ET), held in response to a request for clarity on whether credit default swaps on Russian debt should be triggered if Russia pay the principal on sovereign debt, but fail to pay interest on the bonds during any grace period.
  • The request was brought forward by a group of investors who queried bonds that matured on April 4th 2022. There remains some uncertainty about whether the ruling today could constitute a sovereign default or not, but it seems unlikely given the principal had been paid in full.
  • The next real crunch date for bond payments falls on June 24th, where a $159mln payment is due (that’s bonds maturing at end-May plus a grace period for payment). The viability of these bond payments has been called into question after the US failed to renew a US license known as General Licence 9A, which allowed Russia to settle bond payments in USD.
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