The Credit Derivatives Determinations Committee, as it is officially titled, decided last week that Russia had triggered a “credit event” after it neglected to pay nearly $1.9 million in interest on a sovereign bond that matured earlier this year.
There are currently $2.38 billion of net notional CDS outstanding in relation to Russia, including $1.52 billion on the country itself and the remainder on the CDX.EM index, according to JPMorgan (NYSE:JPM) calculations.
Source: Economy - investing.com
