Credit committee lists 8 bonds eligible for Russia CDS payout auction

LONDON (Reuters) - A key committee of banks and funds published a list of 8 Russian government bonds on Tuesday that international investors will be able to use to settle credit default swaps (CDS) - the financial market equivalent of insurance claims.

The list laid out by the EMEA Credit Derivatives Determinations Committee included bonds due to provide their final payouts, or "mature", from 2023 to 2047.

It added on its website https://www.cdsdeterminationscommittees.org/documents/2022/08/emea-dc-russian-federation-initial-list-august-2022.pdf that investors have until 1600 GMT on August 19 to "challenge the inclusion or absence of an obligation on the initial list".

The committee determined on June 1 that a "failure to pay credit event" by Russia had occurred after Moscow failed to add accrued interest onto a payment that had initially being delayed due to sanctions complications.

Investment bank JPMorgan estimates that there are almost $2.4 billion of net notional Russia-linked CDS outstanding, including $1.5 billion on the country itself and the remainder on a broader emerging market CDS index.

(Reporting by Jorgelina do Rosario; editing by Marc Jones)