ISDA seems to be having trouble confirming if CACs have been used or are still just a plan to be used. Until the CAC is used to “force” bond holders into the new deal there is no Credit Event. The headlines are a bit misleading on what has been executed or not. All kind of silly, but it is what it is.
NFP was good, but good enough? That seems to be the question. Market doing fine, the response so far is muted compared to last month.