JSC has been ruled in default on a bond after missing an interest payment last month, the first such decision since Russia was slapped with harsh sanctions that complicated financial transactions. A failure-to-pay credit event occurred after a coupon due on March 14 failed to reach investors by the end of a 10-day grace period, according to the Credit Derivatives Determinations Committee. Contracts insuring the company’s debt against default will be triggered, and holders will now wait to see how much will be paid. The decision comes as investors focus on whether the country’s sovereign bonds will default after coupon payments on two securities last week were made in rubles , even though the notes didn’t allow for it. If that happens, it would be Russia’s first external default in more than a century. Both […]