ISDA asked to consider credit event on Argentina CDS

Thu Jul 31, 2014 9:12am EDT

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

Swiss bank UBS on Thursday asked 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.

If the request is accepted, the 15-member committee will vote on whether a payment on Argentine CDS contracts can be triggered. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)