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Largest EM Default Since Argentina Looms With $117m Interest Payment Due Tomorrow


FX/FI MARKETS (FX open, stocks closed)

  • Similar to yesterday, FX markets will open at 0700GMT while stocks remain closed until next week.
  • Technical default risks continue to rise as tomorrow’s $117m interest payment on two USD bonds comes due tomorrow – potentially triggering the 30-day grace window that will expire on 15 April.
  • This comes, despite Russian claims that payment in RUB is sufficient for servicing. Non-payment in USD by the 15th is expected to cause a wave of defaults on $150bn in foreign currency debt owned by Govt, but also Gazprom, Lukoil & Sberbank and represents the largest default EM default in $ terms since Argentina.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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