Russia’s CDS committee to meet on Wednesday after ‘credit event’ call

LONDON, June 7 (Reuters) – A key group of bond market players will hold their next meeting on June 8 to discuss how Russia’s main default insurance policies, known as Credit Default Swaps, should pay out.

The Credit Derivatives Determination Committee, as it is officially titled, ruled last week that Russia had triggered a ‘credit event‘ after it failed to pay nearly $1.9 million in interest on a bond. sovereign debt which expired earlier this year.

There is currently $2.38 billion in net notional CDS outstanding against Russia, including $1.52 billion on the country itself and the rest on the CDX.EM index, according to calculations. from JPMorgan.

(Reporting by Marc Jones, editing by Jorgelina do Rosario)

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