The 2009 LyondellBasell Industries CDS Protocol (the “Protocol”) relates to settlement issues concerning the credit derivatives trades referencing LyondellBasell Industries AF SCA, the Netherlands-based petrochemicals producer.  LyondellBasell Industries AF SCA was reported to have failed to pay interest on $679 million of bonds maturing in 2015. The company missed a payment due on February 15 and a 30-day grace period expired on March 19.

The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing LyondellBasell. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for April 16, 2009 to determine the final price for certain LyondellBasell bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2009 LyondellBasell Industries CDS Protocol is open to ISDA members and non-members. The Protocol will be open between Monday April 6, 2009 and Thursday April 9, 2009.