Russian Railways Ruled in Default Over Missed Bond Payment
- CDS panel said Monday a failure-to-pay credit event occurred
- Russian companies miss deadlines amid payment complications
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Russian Railways JSC has been ruled in default by a derivatives panel after missing a bond interest payment, the first such decision since Russia was slapped with extensive sanctions that complicated financial transactions.
A failure-to-pay credit event occurred after a coupon due on March 14 failed to reach investors by the end of a 10-day grace period, according to the Credit Derivatives Determinations Committee.