UPDATE 1-ISDA agrees to consider credit event on Argentina CDS

Thu Jul 31, 2014 10:26am EDT

(UPDATES with acceptance)

By Davide Scigliuzzo

NEW YORK, July 31 (IFR) - The International Swaps and Derivatives Association (ISDA) has agreed to consider whether a credit event has occurred on Argentina's credit default swap contracts (CDS), according to its website.

Swiss bank UBS on Thursday submitted the request for ISDA's determinations committee to consider whether a "failure to pay" credit event has occurred, citing a missed deadline to deliver interest payments to exchange bondholders.

ISDA's 15-member committee is expected to vote on whether a payment on Argentine CDS contracts can be triggered in the next couple of days, according to a source close to the discussions. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)