The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of Financial Guaranty Insurance Company (FGIC), a company that provides credit enhancement on public finance, structured and global infrastructure and utility securities. The Committee also voted to hold an auction for FGIC.
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.
