Gabor Almasi is an Associate in the Valuation and Validation Research team based in Budapest. He focuses on pricing and risk management of credit derivatives. He joined MSCI in August 2018. Prior to joining MSCI, he was a researcher at the Wigner Research Centre of Physics and at the GSI Helmholtz Centre for Heavy Ion Research. Gabor holds a master’s degree in Physics and a Ph.D. in Theoretical Physics.
Research and Insights
Articles by Gabor Almasi
Russian Bonds: Rolling Back the Default Clock4 mins read Blog | May 4, 2022 |
The Russian government’s decision on April 29 to pay holders of two dollar-denominated Russian sovereign bonds led to a major rally, encouraging some investors that Russia may avoid default. There are, however, more challenges ahead.
Sanctions Bring a New Form of Russian-Bond CDS Risk5 mins read Blog | Apr 26, 2022 |
Sanctions on Russia have not affected credit-default swaps directly, but the settlement process following a default would rely on delivering and auctioning the sanctioned bonds. We examine this new form of recovery risk.
Russian Bonds: The 100-Year Storm?1 mins read Quick Take | Apr 7, 2022 |
The U.S. Treasury Dept. decided this week to effectively block payments to holders of two USD Russian sovereign bonds. These payments had been initiated by the Russian Ministry of Finance, but would have required the Russian government to access its reserves held at U.S. banks.
Russia Avoided Default, At Least For Now2 mins read Quick Take | Mar 23, 2022 |
Despite uncertainty around whether sanctions will bar creditors from receiving payments, Russia paid USD 117 million of interest due for two Russian hard-currency bonds, on March 16.
Synthetic CDOs: Back in vogue but not without riskBlog | Dec 13, 2019 |
As credit spreads have gradually declined, investors have increasingly been focusing their attention on more complex instruments including synthetic Collateralized Debt Obligations in the search for yield. However, the risks of these investments — including the senior tranches — should not be overlooked.