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Russia CDS Jumps, Pointing to 90% Chance of Default Within Year

RUSSIA
  • Credit-default swaps are signaling a 90% chance that Russia will default on its sovereign debt within one year.
    • That probability rose from 77% on Tuesday, according to ICE Data Services
    • The change in pricing comes after after Bloomberg reported the US will block Russia’s bond payments to US investors, a move that could force Moscow into its first foreign default in a century
    • Contracts insuring $10 million of the country’s bonds for one year were quoted at about $7.6 million upfront on Wednesday: ICE Data Services
    • Interest in trading CDS surged at the end of April, even though Moscow made dollar payments on some of its foreign bonds after sanctions had held them up for weeks, according to a person familiar with the matter
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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