LONDON, Aug 31 (Reuters) - An auction to settle Russian credit default swap (CDS) claims is to be held on September 12, the key committee of banks and funds that runs the complex process said on Wednesday.
The EMEA Credit Derivatives Determinations Committee, as it is known, has said eight Russian bonds with maturity dates ranging from 2023 to 2047 can be posted at the auction which will effectively determine the payout CDS holders receive.
Russia was initially declared in default after failing to pay $1.9 million of interest that had built up on a bond payment that had gone temporarily overdue due to the complexities of Western sanctions.
Investment bank JPMorgan estimates that there are almost $2.4 billion of net notional Russia-linked CDS outstanding.
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