Inside Russia’s 96-Hour Cliffhanger to Sidestep Bond Default
- JPMorgan and Citigroup processed sovereign debt coupon payment
- Financial plumbing entered spotlight as Russian default feared
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It was perhaps the most widely-tracked coupon payment in history.
After the Russian Finance Ministry on Monday sent an order initiating a $117 million payment due on dollar-denominated bonds this week, traders and money managers globally watched with bated breath as the money began to snake its way through the financial system.