Russia makes Eurobond ruble payment offer, market fears of default soar
Russia's finance ministry previously promised to pay off Eurobond, a $2 billion debt that matures on April 4. However, the Russian Finance Ministry offered on Tuesday (March 29) to use rubles to buy back the dollar bonds maturing next week.
The so-called Eurobond, not specifically referring to the Eurozone bonds, refers to a government, financial institutions and industrial and commercial enterprises in the international market in a freely convertible third-country currency denominated and debt-servicing bonds, the coupon amount currency is not the local currency of the issuing country.
Bondholders should submit their requests to sell their holdings to the Russian State Settlement Depository between 13:00 GMT on March 29 and 14:00 GMT on March 30, the Russian Finance Ministry said on Tuesday.
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