The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee (EMEA DC) resolved that a Repudiation/Moratorium Credit Event and a Failure to Pay Credit Event have occurred in respect of the Republic of Ukraine.
The EMEA DC determined that an Auction will be held in respect of outstanding credit default swap (CDS) transactions on October 6, 2015.
Pursuant to the DC meeting statements published on September 28, 2015 and September 30, 2015, the EMEA DC agreed to effect an accelerated Auction process if such a Credit Event occurred. The EMEA DC is taking preparatory steps so that an Auction can be held and Representative Auction Settled Transactions can be settled, in each case prior to the deadline set by the Republic of Ukraine for bondholders to participate in the exchange offer and consent solicitation.
Please refer to the DC Credit Event webpage for more information: http://dc.isda.org/cds/republic-of-ukraine-6/.
