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Emerging markets group EMTA recommends Russia sovereign bonds to be traded "flat"

·1 min read

LONDON, June 27 (Reuters) - Emerging markets trade group EMTA has recommended on Monday that bonds issued by the Russian government should be traded without accrued interest, the typical practice for bonds in default.

"Following consultations with major market participants, EMTA is recommending that all trades of Russia Sovereign Bonds entered into on or after June 27, 2022 should, unless otherwise agreed, trade 'flat'," EMTA said in a statement on recommended market practice for trades of Russian sovereign bonds.

Russia defaulted on its international bonds for the first time in more than a century, the White House said on Monday, as sweeping sanctions have effectively cut the country off from the global financial system, rendering its assets untouchable.

International holders of Russian bonds had said earlier that they had not received money owed in interest on two sovereign bonds after a grace period on the $100 million payment on one euro and one dollar-denominated issue had run out on Sunday. (Reporting by Rodrigo Campos and Karin Strohecker Editing by Peter Graff)