Codere Coupon Delay Opens $444 Million Swaps Settlement Door
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Codere SA’s decision to delay a bond coupon payment by two days opened the door for holders of $444 million of credit-default swap contracts to ask for settlement.
The Spanish gaming company said Sept. 13 that it will make a payment on its $300 million of 9.25 percent bonds tomorrow, rather than yesterday when it was due. That enables investors to seek a payout on all outstanding credit-default swaps contracts, according to the rules of the International Swaps & Derivatives Association.