Russia continues to pay dollar-denominated bonds

russia continues to pay dollar denominated bonds 0 MT8y4dI2

While the calendar is stuck in Russia’s dollar-denominated bond payments, there has been no disruption in coupon payments so far.

The country has also made the 102 million dollar coupon payment of the 2035 maturity Eurobond.

Following this payment, attention was turned to the $2 billion redemption.

The $2 billion redemption scheduled for April 4 stands out as the largest payment of the year.

The country had previously made coupon payments of 117.2 and 66 million dollars.

Russia has 15 international government bonds valued at approximately $40 billion. Before the Ukraine crisis, roughly $20 billion of this was in the hands of investment funds and fund managers outside of Russia.

Default concerns increased

After the announcement that Russia would make coupon payments on bonds in rubles to investors from ‘unfriendly’ countries, credit rating agencies He declared that the payment would mean default.

The US Treasury also announced that the sanctions imposed on the Russian Central Bank and other institutions will not prevent the country from paying its debts in dollars, at least until May.

S&P put Russia’s credit rating on negative monitoring and noted that they could default on “in case Russia fails to fulfill its debt obligations as agreed and the institution decides that it cannot make these payments within the given additional time”.

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