Largest Wall Street firms have cautiously returned to market for Russian government and corporate bonds
Several major Wall Street banks have begun offering to facilitate trades in Russian debt in recent days, according to bank documents seen by Reuters, giving investors another chance to dispose of assets widely seen in the West as toxic.
The banks that are in the market now include JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Barclays Plc and Jefferies Financial Group Inc, the documents show. In May, two U.S. lawmakers asked JPMorgan and Goldman Sachs Group Inc for information about trades in Russian debt, saying they may undermine sanctions. The following month the Treasury’s Office of Foreign Assets Control banned U.S. money managers from buying any Russian debt or stocks in secondary markets, prompting banks to pull back.The Treasury provided further guidance on July 22 to help settle default insurance payments on Russian bonds.
For example, U.S. bond manager PIMCO – which was on the hook for a payout of around $1 billion after Russia defaulted on its dollar debt in June – could now save around $300 million, one investor estimated. PIMCO declined to comment.
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