The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Capmark Financial Group Inc., a diversified company that provides a broad range of financial services to investors in commercial real estate-related assets.
On March 24, Capmark announced that it failed to make a payment due on its bridge loan agreement that matured on March 23.
ISDA will facilitate the process by publishing the Protocol and auction terms on its website www.isda.org, in due course. The Protocol will be open to ISDA members and non-members alike. Markit and Creditex will administer the auction, which has tentatively been scheduled for Wednesday, April 22.
