(Bloomberg) The cost of securing the Russian government's debt skyrocketed and indicates a record 99% probability of default within the year, after the Ministry of Finance paid some of its dollar bonds in rubles.
Credit default swaps (CDS) that secure US$10 million of the country's bonds for a year were trading on Wednesday at around $7.3 million upfront and $100,000 annually, based on ICE Data Services prices in Bloomberg. The figure is higher than the $5 million in advance last week, according to data. ICE is the main clearing house for European CDS.
The Ministry of Finance reported that it had to send ruble payments to the National Settlement Deposit after foreign banks refused payments on the bonds that were due on Monday and a coupon of the securities maturing in April 2042, also scheduled for the first days of the week. None of the securities allowed the option of payment in rubles, according to the bond documents, which raises concerns among investors that the country is at risk of default.
Both bonuses have a 30-day grace period, according to information collected by Bloomberg.
Original Note:
Russia Credit Insurance Shows 99% Chance of Default Within Year
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