July 22, 2011 / 10:51 AM / 6 years ago

ISDA sets Bank of Ireland CDS auction for July 28

DUBLIN, July 22 (Reuters) - The International Swaps and Derivatives Association (ISDA) on Friday set July 28 for an auction to settle credit default swaps (CDS) in relation to Bank of Ireland after ruling that the bank had suffered a restructuring credit event.

The ISDA said a restructuring credit event occurred after Bank of Ireland closed an offer to buy back about 2.6 billion euros of Tier 1 and Tier 2 subordinated debt at a discount of up to 90 percent earlier this month.

A credit event is financial industry jargon for default on payment, breach of bond covenants or other event that casts doubt on an issuer's ability to service its debt. (Reporting by Conor Humphries)

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