Obbligazioni a tasso fisso CRISI UCRAINA, Bond Russia, Ucraina, Gazprom e altro
- Creatore Discussione Tramontoaustrale
- Data di Inizio
laplaz
Forumer attivo
CDS hurdle
On March 2, Russia made payment on a 11.2 billion ruble coupon for 339 billion rubles of bonds known as OFZs due February 2024. While Russia’s National Settlement Depository received the money, foreign bondholders weren’t paid because of the central bank’s order barring foreign payments. That triggered a debate over whether or not that constituted a default.
While some of Russia’s foreign sovereign bonds allow payments in rubles, the new measure could still pose a problem for holders of credit-default swaps, which are used as insurance in case of a default.
That’s because, given the capital controls in Russia and the sanctions, the payment in rubles “may render these bonds out of scope for CDS as ‘obligations’ and ‘deliverable obligations’,” JPMorgan Chase & Co. strategists led by Trang Nguyen wrote in a note to investors on Friday.
Russia has $117 million worth of coupons on dollar bonds coming due on March 16 that don’t have the option to be paid in rubles, the JPM strategists said.
On March 2, Russia made payment on a 11.2 billion ruble coupon for 339 billion rubles of bonds known as OFZs due February 2024. While Russia’s National Settlement Depository received the money, foreign bondholders weren’t paid because of the central bank’s order barring foreign payments. That triggered a debate over whether or not that constituted a default.
While some of Russia’s foreign sovereign bonds allow payments in rubles, the new measure could still pose a problem for holders of credit-default swaps, which are used as insurance in case of a default.
That’s because, given the capital controls in Russia and the sanctions, the payment in rubles “may render these bonds out of scope for CDS as ‘obligations’ and ‘deliverable obligations’,” JPMorgan Chase & Co. strategists led by Trang Nguyen wrote in a note to investors on Friday.
Russia has $117 million worth of coupons on dollar bonds coming due on March 16 that don’t have the option to be paid in rubles, the JPM strategists said.
russiabond
Il mito, la leggenda.
Near
Forumer storico
forse dalle bahamas...
qui in italia non si apre
russiabond
Il mito, la leggenda.
captain sparrow
Forumer storico
d'accordissimo. ma se gli emittenti hanno i fondi sui conti congelati presso la BCE, impossibilitati a pagare i debiti causa sanzioni? sarebbe come se il creditore (tipo BCE) ha i fondi, ma non li usa per autopagarsi il proprio credito, contro le istruzioni del debitore. é diverso dal Venezuela che non aveva proprio i fondi per pagare. Scatta il default? che poi il default lo decide il comitato composto, se non ricordo male, dalle grosse banche USA che fanno anche i CDS. quindi se dichiarano il default, saranno loro stesse chiamate a pagare i CDS. sbaglio?
VENEZOLANO
Nuovo forumer
Dove posso comprare le obbligazioni russe e Gazprom?
captain sparrow
Forumer storico
che , se non ricordo male, la cricca è composta dalle stesse banche USA che assicurano i CDS. quindi dichiarano default e aprono il portafoglio per pagare i CDS
johnny1982
Forumer storico
La valuta di pagamento Putin se la può cambiare nei bond di diritto russo non su quelli esteri.
Su quelli esteri o accetti te le condizioni e mi sa che non ci ciano nemmeno le cac ... forse su quelli recenti... oppure sarà sommerso di cause per aggredire i beni russi congelati.
Comunque ci sono i 30gg di grace period...
Se la gaz 2022 la rimborsano in rubli secondo me ti trovi un haircut alla fine di un 30% con le smenate del cambio ...
Su quelli esteri o accetti te le condizioni e mi sa che non ci ciano nemmeno le cac ... forse su quelli recenti... oppure sarà sommerso di cause per aggredire i beni russi congelati.
Comunque ci sono i 30gg di grace period...
Se la gaz 2022 la rimborsano in rubli secondo me ti trovi un haircut alla fine di un 30% con le smenate del cambio ...
Andre_Sant
Forumer storico
Putin’s Ruble Workaround Still Leaves Bond Payments in Doubt
Russia and Russian companies will be allowed to pay foreign creditors in rubles on securities including those denominated in other currencies, according to a decree signed by President Vladimir Putin on Saturday, as a way to service debt while capital controls remain in place.
www.bloomberg.com
Russia and Russian companies will be allowed to pay foreign creditors in rubles, according to a decree signed by President Vladimir Putin on Saturday, as a way to stave off defaults while capital controls remain in place.
The decree establishes temporary rules for sovereign and corporate debtors to make payments to creditors from “countries that engage in hostile activities” against Russia, its companies and citizens. The government will prepare a list of such countries within two days.
Russian corporate bonds denominated in foreign currencies have plunged to deeply distressed levels in recent days as investors weighed the impact of sanctions imposed on the country in the wake of its invasion of Ukraine. The Russian government responded to the sanctions by reducing dramatically access to foreign currencies, which could restrict the ability of bondholders to receive interest and principal payments.
Separately, clearing houses Clearstream and Euroclear stopped accepting the ruble as settlement currency and have excluded all securities issued by Russian entities from all Triparty transactions, barring a traditional channel used to make payments to bondholders.
According to Saturday’s decree, payments will be considered executed if they are carried out in rubles at the Central Bank of Russia’s official rate.
Debtors can ask a Russian bank to create a special “C” ruble-denominated account in the name of foreign creditors for settlement, while local creditors will be paid through Russian depositories. The rule applies to amounts in excess of 10 million rubles ($81,900) per month.
CDS hurdle
On March 2, Russia made payment on a 11.2 billion ruble coupon for 339 billion rubles of bonds known as OFZs due February 2024. While Russia’s National Settlement Depository received the money, foreign bondholders weren’t paid because of the central bank’s order barring foreign payments. That triggered a debate over whether or not that constituted a default.
While some of Russia’s foreign sovereign bonds allow payments in rubles, the new measure could still pose a problem for holders of credit-default swaps, which are used as insurance in case of a default.
That’s because, given the capital controls in Russia and the sanctions, the payment in rubles “may render these bonds out of scope for CDS as ‘obligations’ and ‘deliverable obligations’,” JPMorgan Chase & Co. strategists led by Trang Nguyen wrote in a note to investors on Friday.
Russia has $117 million worth of coupons on dollar bonds coming due on March 16 that don’t have the option to be paid in rubles, the JPM strategists said.
The CDS cover a gross $41 billion of Russian debt, according to the Depository Trust & Clearing Corp.
Read More: Bondholders Say Russia’s Yandex Has Paid Coupon on Dollar Debt
Companies with upcoming maturities of dollar-denominated notes include state oil producer Rosneft PJSC, whose $2 billion bond matures on Sunday, and state-controlled energy giant Gazprom PJSC, which has a $1.3 billion note due on Monday. The latter was already in the process of settling that payment, Bloomberg reported earlier.
Here’s a selection of issuers scheduled to pay dollar-denominated notes in the coming months:
