So 86% participation in Greek bond laws. Plans to use CAC on Greek law bonds. Unclear if already using the CAC or not. ISDA meeting later. Won’t be a Credit Event until CAC is used.
English law bond deadline extended.
Greece: High Participation in Bond Swap
2012-03-09 06:25:50.198 GMT
Athens, Greece (AP) — Greece has secured a high enough
participation in its critical bond swap offer to drastically
reduce its debt, staving off an imminent default and paving the
way for the release of funds from international rescue loans.
Greece said Friday that 85.8 percent of private investors
holding its Greek-law bonds had signed up to the deal, and that
it aimed to use legislation forcing holdouts to participate. It
extended the deadline for holders of foreign-law bonds, of whom
69 percent have so far signed up, until March 23.