Emerging markets group EMTA recommends Russia sovereign bonds to be traded "flat"
27/06/2022 18:03
LONDON, June 27 (Reuters) - Emerging markets trade group
EMTA has recommended on Monday that bonds issued by the Russian
government should be traded without accrued interest, the
typical practice for bonds in default.
"Following consultations with major market participants,
EMTA is recommending that all trades of Russia Sovereign Bonds
entered into on or after June 27, 2022 should, unless otherwise
agreed, trade 'flat'," EMTA said in a statement on recommended
market practice for trades of Russian sovereign bonds.
Russia defaulted on its international bonds for the first
time in more than a century, the White House said on Monday, as
sweeping sanctions have effectively cut the country off from the
global financial system, rendering its assets untouchable.
urn:newsml:reuters.com:*:nL1N2YE06F
International holders of Russian bonds had said earlier that
they had not received money owed in interest on two sovereign
bonds after a grace period on the $100 million payment on one
euro and one dollar-denominated issue had run out on Sunday.
(Reporting by Rodrigo Campos and Karin Strohecker
Editing by Peter Graff)
((karin.strohecker@thomsonreuters.com; +442075427262; Reuters
Messaging: karin.strohecker.reuters.com@reuters.net))