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    ISDA

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    andrew_trotman1455
    The EMEA DC unanimously decided that Greece had triggered a restructuring credit event by exercising collective action clauses to amend the terms of its bonds, reducing bondholders' right to payment. As a result, the EMEA DC will hold an auction on March 19th to settle related credit default swaps on Greece, with an expedited timeline. Market participants were asked to submit any deliverable obligations for the auction list to ISDA as soon as possible.

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    ISDA

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    The EMEA DC unanimously decided that Greece had triggered a restructuring credit event by exercising collective action clauses to amend the terms of its bonds, reducing bondholders' right to payment. As a result, the EMEA DC will hold an auction on March 19th to settle related credit default swaps on Greece, with an expedited timeline. Market participants were asked to submit any deliverable obligations for the auction list to ISDA as soon as possible.

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    The EMEA DC unanimously decided that Greece had triggered a restructuring credit event by exercising collective action clauses to amend the terms of its bonds, reducing bondholders' right to payment. As a result, the EMEA DC will hold an auction on March 19th to settle related credit default swaps on Greece, with an expedited timeline. Market participants were asked to submit any deliverable obligations for the auction list to ISDA as soon as possible.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    121K views1 page

    ISDA

    Uploaded by

    andrew_trotman1455
    The EMEA DC unanimously decided that Greece had triggered a restructuring credit event by exercising collective action clauses to amend the terms of its bonds, reducing bondholders' right to payment. As a result, the EMEA DC will hold an auction on March 19th to settle related credit default swaps on Greece, with an expedited timeline. Market participants were asked to submit any deliverable obligations for the auction list to ISDA as soon as possible.

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    EMEA DC Statement March 9, 2012 In light of todays EMEA Determinations Committee (the EMEA DC) unanimous decision in respect

    of the potential Credit Event question relating to The Hellenic Republic (DC Issue 2012030901), the EMEA DC has agreed to publish the following statement: The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7 of the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement) (the 2003 Definitions) following the exercise by The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The Hellenic Republic (the Affected Bonds) such that the right of all holders of the Affected Bonds to receive payments has been reduced. The EMEA DC has resolved to hold an auction with respect to the settlement of standard credit default swaps for which The Hellenic Republic is the reference entity. To maximise the range of obligations that market participants may deliver in settlement of any such credit default swaps, the EMEA DC has agreed to run an expedited auction process such that the auction itself will take place on March 19, 2012. In light of this expedited auction process, market participants should submit any obligations that they would like to include on the list of deliverable obligations to ISDA as soon as possible.

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