ISDA to Rule If Argentina Credit-Default Swaps Triggered
This article is for subscribers only.
The International Swaps & Derivatives Association said its determinations committee will rule on whether credit-default swaps linked to Argentina have been triggered by a failure-to-pay credit event.
The committee will meet tomorrow at 11 a.m. in New York and a decision that an event has occurred would lead to payouts on all contracts, according to ISDA’s rules. A total of 2,652 contracts insuring a net $1 billion of Argentina’s debt were outstanding as of July 25, according to the Depository Trust & Clearing Corp.