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Russia Default Decision Postponed Until Tuesday

  • Bloomberg reports that the CDDC have postponed their decision on Russian Credit Default Swaps until Tuesday.
  • CDDC being the Credit Derivatives Determinations Committee. They held a meeting today 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.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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