CEE Bonds
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Market unsure how Russian borrowers can identify foreign bondholders after rouble ruling -
LatAm bonds a safe haven for now but outflows could cause broader pain
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Rouble option could prevent CDS trigger
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Ukraine paid a bond coupon on Tuesday but Russia is taking steps to stop repaying foreign investors
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Market would bear no grudge if Ukraine decided to withhold upcoming coupon payment
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A moratorium on debt payments would hurt Western lenders and investors but also Russia's long term market reputation
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The Central Bank of Russia's healthy foreign reserves were a buffer for Russian issuers but the US is leading the charge to cut these off
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A denial of overseas market access should not stop Russian corporate borrowers servicing their debts
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Russian Swissie debt hit in secondary as private accounts look to offload
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Collapse in Russia sovereign and corporate bond prices in full steam as more sanctions loom as participants wonder when other issuers can raise funding again
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Some smaller deals can be done, say participants, but Russian incursion into separatist regions of Ukraine will keep issuers away from the primary market
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Niche deals and Islamic finance can still be done despite fears over possible Ukraine invasion
