The Committee on Credit Derivatives Arrangements (CDDC – ed.) found the Russian Railways to be insolvent. The decision was made after the state-owned carrier failed to pay interest on the bonds due on March 14. CDDC is an organization for derivatives market participants.
The bonds for which RŻD did not pay interest were issued in Swiss francs to finance a loan to the company. Its maturity is 2026. Non-payment of interest is an effect Sanctions on the Russian financial sector.
Institutions such as Bank of America, Goldman Sachs, JPMorgan Chase.
The CDC’s decision is the first of its kind for a Russian company since the country invaded Ukraine on February 24, according to Reuters. Following the decision to declare RŻD insolvency, CDDC also received a request to verify whether a similar scenario risked in the case of Russian government bonds.
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