The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of Syncora Guarantee Inc., a monoline that provides financial guarantee insurance on the debt obligations of global issuers. The Committee also voted to hold an auction for Syncora.
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.