Russia made another bond interest payment, averting a default for the second time in recent days
A Russian rouble banknote is seen in front of a descending stock graph in this illustration taken March 1, 2022. REUTERS/Dado Ruvic/IllustrationNEW YORK, March 21 - Russia's coupon payment on a sovereign bond maturing in 2029 was processed by correspondent bank JPMorgan Chase & Co
, a source said on Monday, the second time in recent days the country appears to have averted default.Last week, it paid interest due on two sovereign bonds, easing doubts about its willingness and ability to honor external debt after harsh sanctions were imposed by Western nations following its invasion of Ukraine.Making the payment meant Russia avoided its first default, for now, since a 1998 financial crisis and its first on international bonds since the 1917 revolution.
The payment had moved on to the next step before the money is handed over to bondholders, the source added. Reuters could not learn which bank was acting as the payment agent on the bond., which as payment agent distributed the funds on to bondholders. Russia has 15 international bonds outstanding with a face value of around $40 billion. Prior to the Ukraine crisis roughly $20 billion was held by investment funds and money managers outside Russia.The country's next test is a $102 million payment on March 28 and after that on March 31 there is a $447 million payment that must be made in dollars. Its biggest payment of the year -- and its first full repayment of "principal", of $2 billion -- is due on April 4 .
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