The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee voted yesterday to hold an auction for JSC BTA Bank. This Determinations Committee had previously resolved that a credit event has taken place with respect to JSC BTA Bank, Kazakhstan’s largest bank by assets, which failed to repay a $550 million loan earlier this month.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.