ISDA to Rule Whether Abengoa Credit-Default Swaps Triggered
- Committee to assess if Abengoa is in bankruptcy credit event
- Meeting to take place at 12 p.m. London time on Monday
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The International Swaps & Derivatives Association said its determinations committee will rule on whether credit-default swaps linked to Abengoa SA have been triggered by a bankruptcy credit event.
The committee will meet on Monday Nov. 30 at 12 p.m. London time, with a decision that an event has occurred leading to payouts on all contracts, according to ISDA’s rules. A total of 2,814 contracts insuring a net $718 million of Abengoa debt were outstanding as of Nov. 20, according to Depository Trust & Clearing Corp.