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November 22, 2014
Thursday, July 31, 2014

ISDA to consider in Friday meeting if 'failure to pay' credit event had occurred

The International Swaps and Derivatives Association (ISDA) said today it had received its first request to consider whether a credit event had occurred, according to the ISDA website.

Swiss bank UBS asked ISDA's determinations committee to consider whether a "failure to pay" credit event had occurred, citing a missed deadline to deliver interest payments to exchange bondholders.

If the request is accepted, the 15-member committee will vote on whether a payment on Argentine CDS contracts can be triggered. It could meet and make a decision as soon as tomorrow, market participants say, although the process could take longer.

Any ruling that a credit event had occurred would set off a series of insurance payments and give most of Argentina's current bondholders the right to demand their money back immediately. The deadline is Aug. 4, according to analysts. Credit Suisse earlier said CDS were "likely to be triggered".
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Tags:  meeting  ISDA  credit  debt  Argentina  default  





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