Greek English Law Bonds
We have not yet seen anyone file a lawsuit on behalf of holders of English law bonds, but they may fight that they have been “subordinated” and have experienced an Event of Default because they are no longer “pari passu” with all bondholders. It would basically be the same argument that ISDA had to consider, […]
Greece And ISDA
No Credit Event yet. As expected. Greece CDS doesn’t seem to be reacting to the news, which makes sense, because most people in the market didn’t think a Credit Event had occurred yet. I am a bit surprised that ISDA didn’t clarify what would constitute a Credit Event. Their statement says that these rulings don’t […]
The Early Story Of The Day Is Italian And Spanish Credit
Bonds and CDS for both countries are incredibly strong this morning. They are outliers versus almost anything else out there. Stocks are up a bit after a couple of rounds of overnight weakness. The strength in Spain and Italy is a bit surprising but so is the fact that the market isn’t completely in love […]