Contents tagged with Russian default
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Russia misses $1.9 million bond interest payment, increasing likelihood of debt default
Russia failed to pay a $1.9 million interest payment on an international bond, bringing the country closer to its first major external debt default in over a century. The late payment could force payouts of billions of dollars to holders of insurance on Russian bonds.
Russia’s International 2022 bond matured on April 4th, but principal and interest payments were not made until May 2nd.
The Credit Derivatives Determinations Committee overseeing Europe voted Wednesday that the missed payment …
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Russian oligarch’s steel company set to default on its debt Wednesday
Russian steel producer Severstal PAO is set to default on Wednesday, the Wall Street Journal reported.
The company owed a coupon payment for 2024 loan participation notes on March 16th with a five-day grace period, which expires Wednesday. A “test” payment sent last week for its dollar bond has yet to be processed by Citibank. The test payment has been transferred to the bank’s US accounts but has not been paid to the bondholders. A total of $12.6 million is owed.
A person close to the matter …