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Russia Swaps Signal 65% Chance of Default as War Widens

RUSSIA
  • RUSSIA SWAPS SIGNAL RECORD 65% CHANCE OF DEFAULT AS WAR WIDENS
  • Contracts insuring $10 million of the country’s bonds for five years were quoted at about $4.6 million upfront and $100,000 annually, signaling around 65% likelihood of default: ICE data
  • The upfront cost that protection sellers demanded on Tuesday rose from around $4 million on Monday
  • The price of protecting Russia’s debt is no longer being quoted in basis points, as protection sellers have been demanding payment in advance, signaling perceptions that default risk might be imminent.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
EM BulletHomepagemarkets-real-timeFixed Income BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
EM BulletHomepagemarkets-real-timeFixed Income BulletsBulletMarketsEmerging Market NewsForeign Exchange Bullets

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