CEE Bonds
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Investors face leaving roubles in Russian bank accounts if they accept the offer -
Investors will need to take note of a coal business and links to Russia
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Recent burst of new issuance could prove to be false dawn
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Investors believe it unlikely noteholders will lobby the bank to get the steel firm’s payment sorted
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Investors unaware of any formal notice from Russia that it will pay next coupons in roubles
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Investors fear a PR disaster if Ukraine poultry firm is forced into default
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Making coupon payments is only an attempt to save face
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Russia and western investors are unlikely to see eye to eye on what constitutes default as coupon date passes
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EU sanctions mean rating agencies can no longer rate Russian borrowers
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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
