The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Anglo Irish Bank Corporation Limited, a Dublin-based banking service provider.
The Anglo Irish Restructuring credit event will be settled under the terms of the CDS Definitions as supplemented via the ‘Small Bang Protocol’ in July 2009 to permit auction settlement following a Restructuring Credit Event. The Committee determined today that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity ‘buckets’.
ISDA will publish the initial list of deliverable obligations for each maturity bucket on its website, www.isda.org/credit, in due course. The DC will endeavour to work to an expedited auction timeline in order to address the timing constraints arising out of the exchange offer for the Reference Entity’s subordinated bonds.
