July 31, 2014 / 1:15 PM / in 4 years

ISDA asked to consider credit event on Argentina CDS

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)

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