Bloomberg Law
April 14, 2022, 8:49 AM

Panel Nixes Auction to Settle Russian Railways CDS (1)

Eliza Ronalds-Hannon
Eliza Ronalds-Hannon
Bloomberg News

The Credit Derivatives Determinations Committee voted Wednesday against holding an auction to settle credit-default swaps linked to Russian Railways JSC, after earlier determining the state-owned company reneged on its debt.

  • Thirteen committee members voted against holding the auction, while Credit Suisse Group AG voted in favor
  • The panel earlier agreed that a failure-to-pay credit event had occurred after a coupon due March 14 didn’t reach investors by the end of a 10-day grace period
  • Outstanding contracts covered a gross $42m of Russian Railways debt / net $21.2m as of April 1, according to DTCC
  • The default ruling was ...

Learn more about Bloomberg Law or Log In to keep reading:

Learn About Bloomberg Law

AI-powered legal analytics, workflow tools and premium legal & business news.

Already a subscriber?

Log in to keep reading or access research tools.