LONDON, Feb 24 (Reuters) - British bank Barclays will remove foreign currency debt issued by the Russian government from its global bond indices after Moody’s became the second ratings agency to downgrade it to junk.
Ten U.S. dollar-denominated and one euro-denominated bond will be removed from Barclays’ Global Aggregate Indices when it reshuffles its indices at the end of February, it said in a note late on Monday.
This so-called ‘hard currency’ debt will no longer be eligible for the Investment Grade Global and Euro Aggregate but local currency Rouble-denominated bonds will continue to be eligible for the Global Aggregate Indices.
Many asset managers can only invest in bonds quoted on indices. (Reporting by John Geddie; Editing by Marc Jones)