Free Trial

Russia Default Decision Postponed Until Tuesday

RUSSIA
  • 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 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.