The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Potential Repudiation/Moratorium has occurred in respect to the Republic of Ukraine.
This resolution establishes that some, but not all, of the conditions for a Repudiation/Moratorium Credit Event have been met. A Potential Repudiation/Moratorium is not a Credit Event, and so credit default swap contracts will not be settled as a result of this resolution. Publication of the resolution causes an extension of the period during which a Repudiation/Moratorium Credit Event may occur for certain credit default swap contracts referencing the Republic of Ukraine.
Additional information is available on ISDA’s website, www.isda.org/credit.
