Russia CDS committee to meet on Wednesday after "credit event" call

A key group of bond market participants will hold their next meeting on June 8 https://www.cdsdeterminationscommittees.org/cds/the-russian-federation-3 to hammer out how key Russian default insurance policies, known as Credit Default Swaps, should pay out.

The Credit Derivatives Determinations Committee, as it is officially titled, decided last week that Russia had triggered a "credit event" after it neglected to pay nearly $1.9 million in interest on a sovereign bond that matured earlier this year.

There are currently $2.38 billion of net notional CDS outstanding in relation to Russia, including $1.52 billion on the country itself and the remainder on the CDX.EM index, according to JPMorgan calculations.