CEE Bonds
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Bondholders are hopeful of a Swiss franc payment after Gazprom met a similar obligation this week -
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
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Market unsure how Russian borrowers can identify foreign bondholders after rouble ruling
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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
