(BFW) ISDA Determinations Committee Accepts Greece Question

Posted by on Feb 28, 2012 in Uncategorized | No Comments

So it looks like they will try to determine if the events so far have been a Credit Event.  I personally don’t think it is there.  Too much relies more on “language” subordination and offering the PSI.  It has a shot of winning, but I suspect it won’t be called a Credit Event at this stage.  It will likely have to wait until someone actually gets CAC’d, but could be interesting.  The fact that S&P has already called it a Selective Default may influence them a bit in spite of the fact that rating agencies have nothing to do with whether a Credit Event has occurred.

I think it makes sense for someone to try it now.  A chance to win, and if it is a basis package holder (or bank) it would be great to trigger a CDS before having to decide whether to holdout or not.




ISDA Determinations Committee Accepts Greece Question
2012-02-28 21:08:30.62 GMT
By Alexandra Harris
     Feb. 28 (Bloomberg) — Question has been accepted for
consideration by EMEA Determinations Committee, according to
International Swaps & Derivatives press release today.
  * Meeting will be held March 1 to determine whether credit
    event has occurred
Link to statement: http://bit.ly/hAwDMh
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To contact the editor responsible for this story:
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