Hedge funds have been scooping up beaten-down Russian and Ukrainian bonds after the conflict between the two countries sent many traditional investors racing out of the markets.
Distressed debt specialists Aurelius, GoldenTree and Silver Point are among those that have been buying Russian corporate bonds, according to several people familiar with the matter.
The investments follow a rout in Russian assets that was sparked by President Vladimir Putin’s invasion of Ukraine and powerful sanctions that were put in place by western allies in response to the incursion.
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