An international debt committee announced on Tuesday that Russia had failed to make payments on its sovereign bonds on May 19, triggering derivatives contracts for investors betting Moscow will default on its external debt for the first time since 1917.
A panel of investors on Wednesday determined Russia had triggered a credit event after it failed to pay nearly $1.9 million in interest on a sovereign bond, taking the nation a step closer to its first major external debt default in over a century. The EMEA Credit Derivatives Determinations Committee (CDDC) said on its website .
NEW YORK/ LONDON A panel of investors on Wednesday found Russia had triggered a credit event after it failed to pay nearly $1.9 million in interest on a sovereign bond, taking the nation a step closer to its first major external debt default in over a century.