November 27 1998, the day the Eurobond market changed for ever. Or was it December 10, 24 or 26? Or even a slew of dates take your pick between January and April 1999? Many involved in the Eurobond market have all these dates firmly marked in their diaries. They are the days on which the coupon payments for the 10 international bonds so far issued by the Russian Federation fall due.
As it stands, there is a high probability that Russia will become the first-ever sovereign issuer to default on a Eurobond issue.
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