CEE Bonds
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EU sanctions mean rating agencies can no longer rate Russian borrowers -
EM issuers are ready to return to the market if Fed pauses but also need positive Ukraine news
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Rouble payment clauses will protect against CDS triggers, but they do not apply this week
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At least one investor confident payment will still be made despite lack of communication
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Rating agencies have warned offering rouble payments would mean default
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Gazprom and Rosneft paid in dollars, but uncertainty clouds next batch of Russian coupon payments
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An issuer could be viewed as in default even if investors agree to a rouble payment, said one agency
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Bondholders are hopeful of a Swiss franc payment after Gazprom met a similar obligation this week
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Some investors have yet to receive repayment of Gazprom bond that matured on Monday
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Bond investors look to where their cash can go now Russia has been expelled from indices
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There is little chance of repayment if Ukraine cannot remain independent of Russia
