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Russia Credit Default Swaps Show 99% Chance of Default Within one Year

RUSSIA
  • RUSSIA CREDIT INSURANCE SHOWS 99% CHANCE OF DEFAULT WITHIN YEAR
  • The cost of insuring Russia’s government debt surged to signal a record 99% chance of default within the year after its Finance Ministry paid some of its dollar bonds with rubles
  • Credit-default swaps insuring $10 million of the country’s notes for one year were quoted at about $7.3 million upfront and $100,000 annually on Wednesday, according to ICE Data Services’ prices on Bloomberg. That’s up from about $5 million in advance last week
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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