October 25, 2014
ISDA sets Argentina CDS auction for August 21
The International Swaps and Derivatives Association (ISDA) will hold an auction on August 21 to settle Argentina's outstanding credit default swaps.
The auction will determine the payout that holders of protection on Argentine debt will receive as a result of the sovereign's default on July 30.
The committee has also determined a list of securities that will be deliverable into the auction, which includes the sovereign's Par 2038, Discount 2033 and Global 2017 notes.
ISDA's 15-member determinations committee put Argentina effectively in default earlier this month, by ruling unanimously that a "failure to pay" event occurred when the sovereign missed a coupon payment on some restructured foreign-law bonds.