Debt Markets Today - March 16, 2022. Russian Borrowers Seek Exceptions From New Debt Service Rules

CIS EUROBOND MARKETToday is a coupon payment day for two Russian sovereign Eurobonds, the Russia 23 and Russia 43. On Monday, the Finance Ministry issued a press release stating that it had already sent a payment order to a correspondent bank in an attempt to pay the full $117.2 mln owed to bondholders. As a reminder, according to the press release, the ministry will send payment orders to correspondent banks to attempt to carry out payment in foreign currencies. Whether these payments can actually be made will depend on the sanctions restricting operations involving the government's and CBR's FX accounts. If the foreign correspondent banks do not execute the payment orders, the orders will be canceled and the Finance Ministry will instead make the payments in rubles based on the CBR's exchange rate on the payment date. There is still no confirmation whether the correspondent bank has fulfilled the aforementioned payment order. GOVERNMENT DEBTTrading in the OFZ market remains closed this week.STORIES> Russian borrowers seek exceptions from new debt service rules, aim to continue servicing obligations in conventional manner> Kazakhstan economics: Dealing with financial contagion> Inflation in Belarus eases to 10% y-o-y in February but is set to accelerate