CDS committee to rule on scope of eligible Russian debt

Group will determine whether bonds with ruble payment options can trigger the contracts

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A group of banks and buy-side firms are set to decide whether to limit the scope of bonds that could trigger Russian sovereign credit default swap (CDS) contracts.

The issue stems from several foreign currency Russian bonds that allow the government to make payments in rubles in addition to the denominated currency.

Since CDSs referencing Russia do not cover ruble-denominated debt, a failure to make coupon payments on so-called local currency bonds would not trigger a credit event, and the

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