The Credit Derivatives Decision Committee said on the 20th that Russia had made a “potential default” on the ruble’s payment of two dollar-denominated government bonds against the contract.
The Commission was asked to decide whether the payment by Russia was a credit event for credit default swap (CDS) transactions.
With this decision, CDS holders will be eligible for payment under the CDS warranty if they do not pay in dollars by May 4, when the 30-day grace period expires.
Russian dollar-denominated bond ruble payment, default or committee decision
news-rsf-original-reference paywall">Original title:
Russia Ruled in Potential Default Over Ruble Payment on Debt (1)、
news-rsf-original-reference paywall">Russia ‘Potential Failure to Pay’ Event Occurred, CDS Panel Says（抜粋）