ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release Wednesday, March 12, 2008
For More Information, Please Contact:
Carmen Neumann, ISDA London, +44 20 3088 3554, cneumann@isda.org
Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@isda.org  

ISDA PUBLISHES EUROPEAN LCDS INDEX DOCUMENTATION AND REVISED EUROPEAN LCDS SINGLE-NAME DOCUMENTATION

LONDON, Wednesday, March 12, 2008 - The International Swaps and Derivatives Association (ISDA) has today announced the launch of a documentation template for credit default swaps referencing the iTraxx® LevX® index of European leveraged loans, an index administered by Markit Group Limited.

The ISDA iTraxx® LevX® Standard Terms Supplement for Use with Credit Derivative Transactions on Leveraged Loans is designed to document credit default swap transactions where the reference obligation and the deliverable obligation are a European syndicated secured loan listed in the index. The form is primarily intended for use in the European market.

This index version is based on the documentation template for single-name credit default swaps referencing European syndicated secured loans that ISDA published in July 2007.  As with the single-name contract, the index version of the contract is structured so that it will continue after the refinancing of the reference obligation, referencing instead the new loan (or loans) that refinanced the original reference obligation.

ISDA also announced today that it has published a revised version of the (single-name) Standard Terms Supplement for Use with Credit Derivative Transactions on Leveraged Loans. This template has been updated to conform with the index version, providing consistency for those entering into single-name loan CDS trades on reference obligations that are listed in the index.

“Volumes continue to grow in loan CDS, based on standardized documentation produced by ISDA for single-name trading. We believe that the publication of this standard document for index trading will provide the necessary stimulus for further growth in Europe, as publication of the index templates did in the US,” said David Geen, General Counsel, ISDA.

The European LCDS index template is available at ISDA’s website (www.isda.org).

About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has approximately 810 member institutions from 55 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end-users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.

^®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.