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Odd Lots Podcast: The Narrowly-Avoided Russian Debt Default

posted by Mark Weidemaier

Mitu and I have posted a few times (here, here, and here) about some of the odd features in Russia's bond contracts. Perhaps the weirdest (and most odious) is the Alternative Payment Currency Event clause, in which investors effectively insure the Russian government against the risk of future sanctions. Anyway, we had a chance to discuss these clauses, and the general complications of a potential Russian default, with Bloomberg's Tracy Alloway and Joe Weisenthal on their fabulous Odd Lots podcast:

There’s a big question over whether Russia will be able (or willing) to make payments on billions of dollars it’s borrowed from investors given its current situation. Not only does the country have a history of previous major defaults, but some of its outstanding bonds are also structured kind of strangely. On this episode of the Odd Lots podcast, Tracy Alloway and Joe Weisenthal speak with University of Virginia law professor Mitu Gulati and University of North Carolina's Mark Weidemaier. They describe how odd some Russian bonds are and what might happen after default.

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