Despite payment, investors brace for Russia to default ...Middle East

Prices for Russian credit default swaps — insurance contracts that protect an investor against a default — plunged sharply overnight after Moscow used its precious foreign currency reserves to make a last minute debt payment on Friday. The cost for a five-year credit default swap on Russian debt was USD 5.84 million to protect USD 10 million in debt. That price was nearly half the one on Thursday, which at roughly USD 11 million for USD 10 million in debt protection was a signal that investors were certain of a eventual Russian default. Russia used its foreign currency reserves sitting outside of the country to make the payment, backing down from the Kremlin's earlier threats that it would u

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Despite payment, investors brace for Russia to default ...Middle East

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