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Tag Archives: ISDA

ISDA: Greek PSI-CACs “Credit Event”; CDS Payments Triggered

 Yeap. The activation of the Collective Action Clauses” (CACs) consist a “credit event”, said the International Swaps and Derivatives Association (ISDA) on Friday. Now the CDS will have to be paid out and all those who bet on Greece’s bankruptcy will make some nice profit. The CDS or Credit Default Swap is a …

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Greek PSI: The CACs, the CDS and the “Credit Event”

The activation of the Collective Action Clauses  (CACs) seems inevitable. State broadcaster NET TV (12 pm) cited a Greek government official saying that the CACs’ activation is sure at 99.5%, because without the CACs, Greece would need 20 billion euro more [on debt restructuring], something which is impossible. Greece will force unwilling …

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PSI Participation Rate 85.8%, with CAC Activation 95.7%

The Greek Bond Swap (PSI) completed with a voluntary participation of 85.8%,  said a statement issued by the Greek Finance Ministry on Friday morning. Holders of 172 billion euros worth of bonds in total have agreed to the Greek bond exchange offer. The statement said further that 69% of non-Greek bondholders participated …

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All Eyes On Greek PSI

Expectations on a successful Greek bond swap (PSI) are high, just a few hours before the official offer of the Greek state expires on Thursday night (2000GMT/ 8 pm local time). The Greek government seems optimistic. “It is going well, we are optimistic,” a Greek official told Reuters on conditions …

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Greek CDS: ISDA “Greece Has Not Defaulted On Its Debt”

THE CDS will not be activated, the PSI does not mean a ‘credit event’. The latest deal to cut Greece’s debt did not constitute a default, an official trading body has ruled. The International Swaps and Derivatives Association said that new Greek legislation forcing all bondholders to accept losses and …

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