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Decoding Derivatives – Q3 2020

DC Avoids Getting Its Wires Crossed With Wirecard - Following its application to the Munich District Court to open preliminary insolvency proceedings, Wirecard was alleged to have been subject to a bankruptcy credit event....more

Decoding Derivatives – Q2 2020

Hertz CDS Auction Attracts Unusual DC Action  - The Determinations Committee (DC) dealing with the Hertz bankruptcy credit event received a challenge from a market participant to the inclusion of certain letter of credit...more

ISDA Reopens the CDS NTCE Protocol

ISDA has reopened the CDS NTCE Protocol prior to its effective date on Jan. 27, 2020. The Protocol will remain open for adherence until noon on Friday, Jan. 24, 2020. ...more

ISDA CDS NTCE Extension

ISDA has extended the closing date for the CDS NTCE Protocol by two weeks. The Protocol will now close on Oct. 28. This extension of the adherence period is due to the relatively modest rate of adherence so far. ...more

ISDA Implements Changes to the Credit Derivatives Definitions

In a continuing effort to address the advent of narrowly tailored credit events (NTCEs) in the CDS market, ISDA is now preparing for the implementation of the changes designed to deter market participants from running these...more

Narrowly Tailored Credit Events: Proposed Changes to the Credit Derivatives Definitions and Preliminary Takeaways

Narrowly tailored credit events have emerged as one of the most controversial opportunistic CDS strategies in recent years, as we have been reporting in prior publications....more

Opportunistic CDS Strategies Available to CDS Protection Sellers Part II: McClatchy and Sears

In this second part, we analyze two recent situations where a proposed refinancing dramatically affected the CDS market for the reference entity because of the reduction in the sell-side risk. Although these cases may or may...more

6/7/2018  /  CDS , Refinancing , Sears

Opportunistic CDS Strategies Available to CDS Protection Sellers Part I: An Introduction

Over the past few years, the CDS market has seen an increase in activism and the evolution of creative refinancing and restructuring strategies intended to achieve particular outcomes in the CDS market....more

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