CreditSights’ Cisar Calls Severstal Situation a ‘Credit Event’

Bondholders of Russian steel and mining company Severstal haven’t received their scheduled payment, making it a “credit event,” CreditSights’ Global Head of Strategy Winifred Cisar told Bloomberg TV’s Surveillance on Thursday, and investors are assessing whether there will be greater financial consequences from the Ukraine war and resulting sanctions.

• “I do think there’s a lot of uncertainty around the second- and third-order consequences of the magnitude of financial sanctions that we’ve seen put on these companies and people as well,” she said
• Severstal ran out of time to deliver interest payments to investors on Wednesday due to sanctions-related delays
• Investors ...