The spread of a five-year credit default swap (CDS), used to insure investments against issuer default, has grown to 160 bp for Russia. (1.6% of the nominal value), Interfax reported in its market review. The cost of default insurance has risen to its highest level since the spring of 2020.
Over the day, the 5-year CDS spread on Russian debt rose by almost 23 bp. (about 19%). Quotes of Russian Eurobonds maturing in 2030 by 18:10 fell by 72 bp, maturing in 2042 and 2043 — by 380 bp.
The increase in the CDS spread may be associated either with statements by Deputy Foreign Minister of Russia Sergei Ryabkov following meetings with the United States and NATO, or with a bill by US senators with sanctions against top officials and large banks in Russia, the head of the macroeconomic analysis department of Finam FG told Prime. » Olga Belenkaya.
Earlier, Russian stock and currency markets fell following the results of the main trading session, the Moscow Exchange index fell by more than 4%.
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