The panel of officials and investors concluded that Russia had already failed to repay its debt. The Credit Derivatives Appraisal Committee (CDDC) on Wednesday ordered a default in a decision that would trigger a $ 3.2 billion loan repayment.
Order of bonds to be issued, due April 4, 2022. The amount was paid only on May 2, so the committee considered that interest on late days should also be included. In the view of the 4.5% coupon, a 30-day delay requires an additional interest of 9 1.9 million, which is not paid.
“Russia does not include in its payments interest rates due after April 4, 2022. It defaults on these obligations. Investors in the” default “insurance market, already The alarm sounded in April.
Following the declaration of non-compliance, clauses of the transfer agreements may be executed. According to Bloomberg estimates, cash withdrawals could reach $ 3.2 billion. However, the final value will be auctioned off.
The official declaration of “default” is traditionally made by rating agencies, but after revising the “rating” due to sanctions, they were forced to repay the country’s debt to reduce the size of the latest rating.
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