Event Publicly Available Information:
In light of developments in relation to Russia, the Credit Steering Committee requests that the EMEA Credit Derivatives Determinations Committee considers the following question in respect of the Russian Federation under DC Rule 3.8(b) (Other Determinations Relating to the Overall Market).
The following bonds issued by the Russian Federation include Alternative Payment Currency provisions that include Russian roubles as one of the Alternative Payment Currencies. Please determine whether the Alternative Payment Currency feature included in any of the following bonds would result in such bond failing to satisfy either "Not Domestic Currency" or "Specified Currency" (assuming that Standard Specified Currency applies), each as defined in the 2014 Definitions?
a. 2.875 per cent. Bonds due 2025 (ISIN: RU000A0ZZVE6)
b. 1.125 per cent. Bonds due 2027 (ISIN: RU000A102CK5)
c. 4.375 per cent. Bonds due 2029 (ISIN: RU000A0ZYYN4)
d. 1.850 per cent. Bonds due 2032 (ISIN: RU000A102CL3)
e. 5.10 per cent. Bonds due 2035 (ISIN: RU000A1006S9)
f. 2.65 per cent. Bonds due 2036 (ISIN: RU000A1034K8)
Please consider (i) a scenario where the Reference Entity has utilised the provisions at the time that the relevant characteristic is being assessed to pay in roubles; and (ii) a scenario where the Reference Entity has not yet used the provision to pay in roubles.
The EMEA DC met today to continue discussions in relation the DC Question and agreed to meet again tomorrow.
The EMEA DC met today to commence discussions in relation the DC Question and agreed to meet again tomorrow.
|Request Accepted by DC|
|Pending DC Consent|