CDSs may not cover final coupon on $149bn of Russian bonds

Some derivatives contracts expire before end of final grace period for distressed corporate bonds

CDS defaults Russia

Credit default swaps (CDSs) may offer no protection to the holders of $149 billion of bonds issued by the overseas entities of Russian companies if they fail to pay their final coupon on time.

Some of the derivatives contracts that the holders of Russian bonds have bought only run until the date of the final scheduled coupon payment, according to Anthony Nolan, a partner at K&L Gates. CDS contracts sold to the holders of bonds issued by subsidiaries of Russian companies such as Gazprom and

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