Russian dollar bonds rose, and the cost of insuring the nation’s debt against default dropped after people familiar with the matter said funds earmarked for interest payments on the Russian government’s dollar notes were sent to the payment agent. Bonds maturing in 2023 and 2043 extended their advance on Friday, and are quoted at more than double their price this time last week. Both are still trading at deeply distressed levels — at around half their par value. Meanwhile, Russian credit-default swaps on Friday imply a 48% chance of default within a year, according to CMAI data, down from 60% Thursday morning. JPMorgan Chase & Co. has processed the funds and sent the money on to Citigroup Inc. , the people said, spurring optimism that the bonds may still be settled in dollars. Bondholders, however, are still waiting for the $117 million payment. Four investors in Europe and three […]