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Possible Russia Repudiation/Moratorium Query Sent to CDS Panel

  • The Credit Derivatives Determinations Committee was asked if a “potential repudiation/moratorium” occurred with respect to Russia.
  • The question comes as credit-default swap investors seek clarity on the impact of Russia’s plan to pay foreign creditors in rubles
    • Includes government bonds due March 31, 2030
    • Note that (i) no determination has been made by the EMEA DC in respect of this Potential DC Issue and (ii) a Potential Repudiation/Moratorium alone does not trigger a Credit Event
  • Separately, the panel is meeting on Friday to discuss whether an alternative payment option in some of Russia’s sovereign bonds would result in a failure to satisfy currency rules for CDS
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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