CDS market mulls settlement options for Russia contracts

Tightened US sanctions threaten CDS default auction, leaving users a choice of imperfect alternatives

CDS defaults Russia

The credit default swap (CDS) market is considering an array of options for settling billions of dollars in outstanding contracts referencing Russia, after US sanctions upended the traditional auction process.

Russia’s failure to pay additional interest due on bonds maturing in April triggered CDS contracts referencing the sovereign, according to the industry body in charge of evaluating credit events.

Under normal circumstances, an auction of relevant debt instruments would be held to

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