Today’s news reminds me of the 1998 Russian financial crisis when I worked at Deutsche Bank.
Today, the Russian Central Bank has decided not to pay interest on bonds worth US $ 29 billion to foreign investors (technical default). Russia’s 5.1% international bond fell from ABOVE par to 22.5.
See also What banks need is a recession and lower interest rates ASAP. Because they can’t make money borrowing at a Fed rate of 5% against a bond portfolio yielding 2%. But, rates won't come down until banks implode