(Bloomberg) Fears of default by Russia subsided when the government's last interest payment began to appear on the accounts of some bond investors.
Fund managers in London and Cyprus reported that they had received coupon payments, which originally expired on Monday, from the sovereign eurobond due in 2035. They said they were notified of the crediting of their accounts on Tuesday, but declined to be identified because they were not allowed to speak publicly.
The fact shows that Russia is capable and willing to pay its external debts despite extensive international sanctions in response to President Vladimir Putin's invasion of Ukraine. So far, payments have been successfully made thanks to an exception from the US Treasury to restrictions that have isolated Russia from much of the world's financial system.
But uncertainty could return at the end of May, when the loophole that allows financial intermediaries to process bond payments expires.
On the other hand, local holders of a bond that expires next week await the results of a buyback announced on Tuesday by the Ministry of Finance. The buyback offer is seen as a way to ensure that investors based in Russia receive their funds for bonds in dollars, albeit in rubles, and avoid restrictions imposed by international clearing houses.
The offer closes on Wednesday at 5 p.m. Moscow time.
Original Note:
Russia's Latest Bond Coupon Trickles Through to Some Investors
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