ISDA Rules Banco Espirito Santo Succession Event Has Occurred

Determinations Committee ruling based on transfer of more than 75% of bonds and loans to new bank called Novo Banco, ISDA says. * All BES credit-default swaps will be linked to new bank: ISDA rules * Separation of subordinated insurance from underlying junior debt, which remains at BES, seen devaluing contracts * 3,938 swaps covering a net $952 million of BES debt as of Aug. 1: DTCC

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