Podcast: Credit Funds: Credit Default Swaps in the Distressed Limelight
Economic sanctions against Russia as a result of the invasion of Ukraine have had a broad impact on the global economy and have raised the question of whether Russia will be able to meet its obligations on foreign denominated...more
We are delighted to present the Spring 2020 edition of Hogan Lovells’ Debt Capital Markets Global Insights. This draws together a collection of articles from across our global network, reflecting on current events and topical...more
Thomas Cook Takeaways - For credit default swap (CDS) protection buyers with protection on Thomas Cook Group Plc, a U.K. scheme of arrangement paving the way for a £1.6 billion debt-to-equity exchange imposed on all debt...more
Thomas Cook Group Plc’s (Thomas Cook) recent attempt at a restructuring and its ultimate downfall received numerous headlines. As the world’s oldest travel company spiraled toward a liquidation, the inner workings of the...more
For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more
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
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
On March 6, 2019, the International Swaps and Derivatives Association (ISDA) published proposed amendments to the 2014 ISDA Credit Derivatives Definitions relating to so-called narrowly tailored credit events (NTCEs). ISDA...more
On March 6th, the International Swaps and Derivatives Association (ISDA) published for public comment a series of Proposed Amendments to the 2014 ISDA Credit Derivative Definitions Relating to Narrowly Tailored Credits...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
German Parliament adopts Brexit Transitional Act - The German Parliament (“Bundestag”) adopted by a large majority the so-called Brexit Transitional Act (“Brexit-Übergangsgesetz”) submitted by the Federal Government on...more
A recent decision reminds credit swap market participants that thorough knowledge of the documentation and definitions relating to a particular credit default swap is critical....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
The Sears bankruptcy case made headlines this month in the complex world of credit default swaps (CDS). A credit default swap is a contract pursuant to which the seller receives payment from a buyer in exchange for which the...more
The recently completed exchange offer for K. Hovnanian Enterprises’ 8% 2019 senior notes has roiled the world of credit default swaps (“CDS”); some observers have gone so far as to call it an existential problem for CDS. At...more
Kramer Levin’s Debt Dialogue addresses recent developments and recurring issues that debt-focused investors commonly encounter in connection with enforcement of rights, interpretation of documentation and other relevant...more
On April 13, the International Swaps and Derivatives Association, Inc. (“ISDA”) published an updated classification letter that enables counterparties to notify each other of their status for clearing and other regulatory...more
The revision of the 2003 International Swaps and Derivatives Association (ISDA) Credit Derivatives Definitions is likely the biggest overhaul of the definitions in more than a decade. The new 2014 ISDA Credit Derivatives...more
Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more
The International Swaps and Derivatives Association (“ISDA”) announced the publication of the 2014 Credit Derivatives Definitions (the “2014 Definitions”), which pertain to credit default swaps (“CDS”). The 2014 Definitions...more
In this issue: - Proposed Change to FINRA Rule Regarding Release of Disciplinary Complaints, Decisions and Other Information - SEC Approves on an Accelerated Basis FINRA Rule Change Relating to Margin...more