The EMEA Determinations Committee's recent bankruptcy determination involving Selecta CDS provides additional insight on the types of chapter 15 filings that are likely to trigger Credit Events.
On October 12, 2020, the...more
The Situation: On August 11, 2020, a Credit Derivatives Determinations Committee for EMEA ("DC") unanimously determined that the Chapter 15 filing by British retailer Matalan triggered a Bankruptcy Credit Event under standard...more
The Situation: The International Swaps and Derivatives Associations, Inc. ("ISDA") is in the process of amending its credit derivatives documentation to address concerns market participants and regulators have raised...more
ISDA proposes "de facto" category of original issue indebtedness as part of its CDS definitional reforms.
On May 24, 2019, the International Swaps and Derivatives Association ("ISDA") published another credit default swap...more
The Situation: The International Swaps and Derivatives Association ("ISDA") has published proposed changes to the 2014 Credit Derivatives Definitions ("Definitions") that are meant to address issues relating to narrowly...more
The Situation: Following a recent court decision holding that Windstream Services, LLC ("Windstream") failed to pay hundreds of millions of dollars in accelerated debt in 2017, the Credit Derivatives Determinations Committee...more
The Situation: Fears of a potential short-squeeze in the upcoming Sears CDS auction have kicked off disputes in a variety of venues.
The Result: One of these disputes caused the fourth-ever convening of an ISDA CDS...more