CEE Bonds
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Investors unaware of any formal notice from Russia that it will pay next coupons in roubles -
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
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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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