Suppose the interest on Russian government bonds is 7.6 %, and the current exchange rate is 25.825.8 RUB per CAD. If the forward exchange rate is 26.3 RUB per CAD and the current Canadian risk-free interest rate is 4.7 %, what is the implied credit spread for Russian government bonds?
Required:
The implied credit spread for Russian government bonds is? % (Enter as a percentage, rounded to two decimal places.)