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ISDA Credit Derivatives Definitions, Supplements and Commentaries

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2014 ISDA Credit Derivatives Definitions and Related Material

2014 ISDA Credit Derivatives Definitions
(Select Hard Copy or Electronic Copy)

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This purchase also includes a copy of a blackline showing the differences between the 2014 ISDA Credit Derivatives Definitions and the 2003 ISDA Credit Derivatives Definitions. See here for more details.

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EXHIBITS to 2014 ISDA Credit Derivatives Definitions

Exhibits A to E (Confirmation and Notice forms) are attached in Word format and can be downloaded for free.

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2014 CoCo Supplement to the 2014 ISDA Credit Derivatives Definitions
(published September 15, 2014)

The CoCo Supplement allows parties to expand the scope of events that trigger a Governmental Intervention Credit Event under the 2014 Definitions to include the operation of a CoCo provision, i.e. a provision that requires (i) a permanent or temporary reduction of the amount of principal payable at redemption or (ii) a conversion of principal into shares or another instrument, in each case, if the specified capital ratio falls below a certain level. The parties can specify a ?Trigger Percentage? to determine which CoCo bonds will qualify (with a fallback if no Trigger Percentage is specified). This supplement is designed for use only with the 2014 ISDA Credit Derivatives Definitions.

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2014 Sovereign No Asset Package Delivery Supplement to the 2014 ISDA Credit Derivatives Definitions
(published September 15, 2014)

The 2014 Sovereign No Asset Package Delivery Supplement disapplies the Asset Package Delivery provisions where the Reference Entity is a Sovereign. It is designed for use only with the 2014 ISDA Credit Derivatives Definitions.

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2003 ISDA Credit Derivatives Definitions, Physical Settlement Matrix and Related Material

2003 ISDA Credit Derivatives Definitions (Electronic documentation pack incorporating the "May 2003 Supplement" and the "July 2009 Supplement")
(Electronic Copy Only)

This document is a consolidation of (a) the 2003 ISDA Credit Derivatives Definitions (the "2003 Definitions") (b) the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions, published on July 14, 2009 (the “July 2009 Supplement”) and (c) the May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions (the “May 2003 Supplement”). 

When you purchase this document (available only in electronic format) you will receive (a) a clean consolidated version (b) a comparison document showing the changes made to the 2003 Definitions by each of the July 2009 Supplement and the May 2003 Supplement and annotated to identify the section of each supplement effecting each change and (c) the original version of the 2003 ISDA Credit Derivatives Definitions.

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2003 ISDA Credit Derivatives Definitions (Original version published 2003, without Supplements)
(Hard Copy Only)

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EXHIBIT A to 2003 ISDA Credit Derivatives Definitions

Exhibit A (Confirmation) is attached in Word format and can be downloaded for free.

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Japanese Translation of the 2003 ISDA Credit Derivative Definitions (Electronic documentation pack incorporating the "May 2003 Supplement" and the "July 2009 Supplement")

This translation of the 2003 ISDA Credit Derivatives Definitions (incorporating the May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions (the "May 2003 Supplement") and the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions (the "July 2009 Supplement")) to Japanese has been prepared for educational purposes only.

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2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions (The "July 2009 Supplement")

Note: This supplement is incorporated into the 2003 ISDA Credit Derivative Definitions (Electronic documentation pack incorporating the "May 2003 Supplement" and the "July 2009 Supplement") above

The July 2009 Supplement extends the auction hardwiring provisions contained in the March 2009 Supplement to apply them to Restructuring credit events, while replicating, to the extent practicable, the maturity limitation requirements for deliverable obligations that apply following a "Mod-R" or "Mod-Mod-R" Restructuring credit event as contained in the 2003 Definitions.

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May 2003 Supplement to the 2003 ISDA Credit Derivatives Definitions

Note: This supplement is incorporated into the 2003 ISDA Credit Derivative Definitions (Electronic documentation pack incorporating the "May 2003 Supplement" and the "July 2009 Supplement") above

The May 2003 Supplement addresses guaranteed subordinated debt, the determination time for assessing voting shares and amends Section 4.9(a)(i) of the 2003 Definitions regarding Multiple Holder Obligations.

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2005 Matrix Supplement
(published March 7, 2005)

The 2005 Matrix Supplement amends the 2003 ISDA Credit Derivatives Definitions by the incorporating a new Article XI – the Credit Derivatives Physical Settlement Matrix. The Credit Derivatives Physical Settlement Matrix sets out certain elections that apply to certain Reference Entities under Credit Derivatives Transactions for which Physical Settlement applies as the relevant Settlement Method. Parties may express the elections set out in the Credit Derivatives Physical Settlement Matrix to apply to a Credit Derivative Transaction by referencing the 2005 Matrix Supplement in their Confirmation and including and identifying a Transaction Type in the Confirmation for that Credit Derivative Transaction.

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Credit Derivatives Physical Settlement Matrix and Confirmation
(Most Recent Version May 29, 2012)

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Side Letter on 60 Business Day Cap on Settlement

The Side Letter was published on August 5, 2003 and offers firms the ability to agree to a 60 Business Day cap on Settlement under the 2003 ISDA Credit Derivatives Definitions.

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Additional Provisions relating to Credit Derivative Transactions with a Restricted Delivery Party where Physical Settlement applies New

The Additional Provisions are for use where the settlement method is physical settlement (either as the fallback settlement method or otherwise) and either party to the Credit Derivative Transaction is restricted from holding a Loan or there is a limit on the outstanding principal balance of a Bond which it may hold. This may be the case where, for example, the protection seller is a UCITS (Undertakings for Collective Investment in Transferable Securities) fund. The Additional Provisions provide for cash settlement rather than physical settlement to occur in these cases.

The Additional Provisions have been prepared for use with Credit Derivatives Transactions that incorporate the 2003 ISDA Credit Derivatives Definitions as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees, Auction Supplement and Restructuring Supplement published on 14 July 2009.

Additional Provisions are available for free download here

Incorporation Letter Agreement is available for free download here

**03.01.14: Please note, the link to the Incorporation Letter Agreement above has been updated to reflect a minor typographical error. The blackline version is available here

Explanatory Note is available for free download here

CDX Documentation

CDX Untranched Transactions Standard Terms Supplement and Confirmation

The CDX Untranched Transactions Standard Terms Supplement and Confirmation are designed for documenting untranched transactions on the Markit CDX.NA.IG, Markit CDX.NA.HY and Markit CDX.NA.XO indices (and sub-indices of those indices) published by Markit North America, Inc.

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CDX Tranche Transactions Standard Terms Supplement and Confirmation

The CDX Tranche Transactions Standard Terms Supplement and Confirmation are designed for documenting tranche transactions on the Markit CDX.NA.IG, Markit CDX.NA.HY and Markit CDX.NA.XO indices (and sub-indices of those indices) published by Markit North America, Inc.

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Index Loss at Maturity Additional Provisions

(This form, published on April 3, 2012, supersedes the March 2, 2011 publication.)

The Index Loss at Maturity Additional Provisions are designed for use with the CDX Tranche Transactions Standard Terms Supplement or the iTraxx® Europe Tranched Transactions Standard Terms Supplement relevant index tranche transaction. If the Additional Provisions are incorporated into the relevant tranche transaction documentation, then payments to reflect losses on the tranche are not made during the life of the transaction but instead, at maturity, Buyer pays the original swap notional amount to Seller less any losses on the tranche incurred during the life of the transaction.

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CDX Emerging Markets Untranched Transactions Standard Terms Supplement and Confirmation

The CDX Emerging Markets Untranched Standard Terms Supplement and Confirmation are designed for documenting untranched transactions on the Markit CDX.EM index published by Markit North America, Inc.

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CDX Untranched Transactions Swaptions Standard Terms Supplement and Confirmation

(This form, published on March 8, 2013, supersedes the January 31, 2011 publication.)

The CDX Untranched Transactions Swaptions Standard Terms Supplement and Confirmation are designed for documenting untranched swaption transactions on the CDX.NA.IG, CDX.NA.HY and CDX.NA.XO indices (and sub-indices of those indices) published by Markit North America, Inc.

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Contingent CDS and Index Contingent CDS Documentation

Index Contingent CDS Additional Provisions
(published February 9, 2012)

These additional provisions are intended to allow parties to enter into Contingent CDS ("CCDS") transactions on certain CDS indices. They reference the existing Untranched Transaction Standard Terms Supplements for those indices, and add new settlement mechanics to reflect the CCDS nature of the transaction. These settlement mechanics involve the parties potentially being deemed to enter into a "Physical Reference Derivative Transaction" where a CDS Auction is held for a Credit Event, and Physical Settlement provisions based on ISDA's Confirmation for Contingent Credit Default Swap Transaction (published February 6, 2007) where a CDS Auction is not held.

The Additional Provisions also reference the ISDA CCDS Reference Derivative Matrix.

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ISDA CCDS Reference Derivative Matrix
(published February 9, 2012)

TThe ISDA CCDS Reference Derivative Matrix contains the terms of a number of standard "Reference Derivative Types" that can be used to specify the Reference Derivative Terms for an individual Index CCDS transaction.

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CDX Index Contingent CDS Confirmation
(published February 9, 2012)

The form of CDX Index Contingent CDS Confirmation may be used to document an Index CCDS Confirmation referencing a CDX Index.

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Confirmation for Contingent Credit Default Swap Transaction
(published February 6, 2007)

The Confirmation for a Contingent Credit Default Swap Transaction is designed for transactions where the parties desire to hedge the credit risk associated with counterparty default in derivative transactions. The principal distinction between this Confirmation and the standard single name credit default swap as documented under the 2003 ISDA Credit Derivatives Definitions relates to how the Floating Rate Payer Calculation Amount is determined upon a Credit Event.

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Standard Terms Supplement and Confirmation for Syndicated Secured Loan Contingent Credit Default Swap Transaction
(published June 6, 2007)

The Standard Terms Supplement and Confirmation for a Syndicated Secured Loan Contingent Credit Default Swap Transaction allow parties to hedge the credit risk associated with counterparty default in derivative transactions using Syndicated Secured Loans as Deliverable Obligations. These documents incorporate the mechanics developed in the Contingent CDS template (published by ISDA on February 6, 2007) into the North American Syndicated Secured Loan CDS documentation. The principal distinction between these documents and the standard North American Syndicated Secured Loan CDS documentation relates to how the Floating Rate Payer Calculation Amount is determined upon a Credit Event.

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North American Loan CDS and LCDX Documentation

Bullet Syndicated Secured Loan Credit Default Swap Standard Terms Supplement
(published April 5, 2010)

(This form, published April 5, 2010 supersedes the Syndicated Secured Loan Credit Default Swap Standard Terms Supplement published May 22, 2007.)

This template is designed to document credit default swap transactions where the Deliverable Obligations are limited to Syndicated Secured Loans of the Reference Entity. This form is primarily intended for use in the North American market. The contract: (a) has a "bullet" maturity, i.e. not subject to acceleration in the case where the Reference Entity's loans are repaid; (b) is subject to a credit event determination by a Determinations Committee; (c) provides for auction settlement if the Participating Dealers vote to hold an auction under the Bullet LCDS Auction Rules in relation to a Reference Entity and Designated Priority; and (d) contains specific rules and procedures for determining Successors to the Reference Entity (the procedures are contained in the Bullet LCDS Continuity Procedures). If no auction is held or the auction fails or is abandoned, Physical Settlement will apply to LCDS transactions under the most recently-published form of LSTA Physical Settlement Rider, which is available from the LSTA’s website, www.lsta.org.

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Bullet Markit LCDX Untranched Transactions Standard Terms Supplement
(published April 5, 2010)

(This form, published April 5, 2010 supersedes the LCDX Untranched Transactions Standard Terms Supplement published May 22, 2007, for Markit LCDX Series 14 and higher.)

Markit LCDX is an index with 100 equally-weighted underlying North American single name loan-only credit default swaps. Copies of the Markit CDX Index Rules (of which the Markit LCDX Rules form a part) can be located on the Markit website (www.markit.com). Markit LCDX has a fixed coupon, payable quarterly, and Deliverable Obligations are defined by the Markit Syndicated Secured List (see www.markit.com). Settlement can be effected through an auction (similar to the recent unsecured CDS protocols).

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Bullet Markit LCDX Tranche Transactions Standard Terms Supplement
(published April 12, 2010)

(This form, published April 12, 2010 supersedes the LCDX Tranche Transactions Standard Terms Supplement published September 25, 2007, for Markit LCDX Series 14 and higher.)

The Bullet Markit LCDX Tranche Transactions Standard Terms Supplement allows parties to document credit default swap transactions referencing a tranche of the LCDX index. Further information regarding the LCDX index appears above under “Bullet Markit LCDX Untranched Transactions Standard Terms Supplement”.

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Bullet Syndicated Secured Loan Polling Rules
(published on April 5, 2010)

This document contains the rules and procedures that apply to determine whether a loan qualifies as a "syndicated secured" loan of the Reference Entity, for purposes of the syndicated secured list.

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Bullet LCDS Auction Rules and LCDS Auction Settlement Terms
(published April 5, 2010)

The Bullet LCDS Auction Rules and LCDS Auction Settlement Terms are designed to facilitate the settlement of Bullet Syndicated Secured Loan Credit Default Swap transactions.

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Bullet LCDS Continuity Procedures
(published April 5, 2010)

The Bullet LCDS Continuity Procedures contain the procedural rules for determination of a Successor under the Bullet LCDS documentation.

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LCDX Best Practices for Credit Events, Secured List Early Termination Events and Novations
(published January 25, 2008)

This document contains suggested best practices for publication of new versions of the relevant LCDX Annex and LCDS Settled Entity Matrix, documentation of new LCDX transactions and novations of existing LCDX transactions and settlement dates for accrual payments under LCDX and LCDS transactions.

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European Loan CDS Documentation

iTraxx® LevX® Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans (Incorporating Auction Settlement)
(published October 3, 2008)

(This form, published on October 3, 2008, supersedes the March 12, 2008 publication.)

This template is designed to document credit default swap transactions where the Reference Credit Agreement is a syndicated secured loan listed on the Markit™ iTraxx® LevX® index, which is administered by Markit Group Limited. It provides for settlement by means of an auction following a Credit Event by reference to the ELCDS Auction Rules. This form is primarily intended for use in the European market.

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ELCDS Auction Rules and ELCDS Auction Settlement Terms
(published October 3, 2008)

The LCDS Auction Rules are designed to facilitate the settlement of default swap transactions on European leveraged loans, including settlement of transactions referencing an iTraxx® LevX® Index, to the extent the documentation governing such transactions references these ELCDS Auction Rules.  The ELCDS Auction Settlement Terms are annexed to the ELCDS Auction Rules.

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Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans (Incorporating Auction Settlement)
(published October 3, 2008)

(This form, published on October 3, 2008, supersedes the March 12, 2008 publication.)

This template is designed to document credit default swap transactions where the Reference Credit Agreement is a syndicated secured loan listed on the Markit™ iTraxx® LevX® index, which is administered by Markit Group Limited. It provides for settlement by means of an auction following a Credit Event by reference to the ELCDS Auction Rules. This form is primarily intended for use in the European market.

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Standard Terms Supplement and Confirmation for Credit Derivative Transactions on Leveraged Loans
(published March 12, 2008)

(This form, published on March 12, 2008, supersedes the July 30, 2007 publication.)

This template is designed to document credit default swap transactions where the Reference Credit Agreement is a syndicated secured loan of the issuer. This form is primarily intended for use in the European market.

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CDS on MBS Documentation, Including Optional Early Termination or Mutual Break Language
Standard Terms Supplement for a Credit Derivative Transaction on Mortgage-Backed Security with Pay-As-You-Go or Physical Settlement and Form of Confirmation

(This Standard Terms Supplement, published on August 8, 2007, supersedes the April 5, 2007 and prior CDS on MBS Standard Terms Supplement publications; the April 5, 2007 Form of Confirmation remains unamended and can be utilized with the August 8, 2007 Standard Terms Supplement)

This Standard Terms Supplement for a Credit Derivative Transaction on a Mortgage-Backed Security replaces prior publications in 2005, 2006 and 2007. As compared to the April 5, 2007 publication, there is only one modification – in the section entitled “Relevant Rate” on page 29, the April 5, 2007 publication’s reference to the 2000 ISDA Definitions has been replaced in the August 8, 2007 publication with a reference to the “2006 ISDA Definitions”. It should be noted that ISDA has published a memorandum outlining the salient differences between the 2000 ISDA Definitions and the 2006 ISDA Definitions. This is available on the ISDA website, www.isda.org under “Bookstore/Publications” under “ISDA Interest Rate and Currency Derivative Definitions” and is entitled “Memorandum on Principal Amendments to the 2000 ISDA Definitions As Incorporated In The 2006 ISDA Definitions”.

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Additional Provisions for Optional Early Termination (CDS on ABS)
(published December 8, 2006)

These Additional Provisions for Optional Early Termination are intended for use in relation to credit derivative transactions on asset-backed securities.

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Credit Derivative Transaction on Asset-Backed Security (Cash or Physical Settlement)

(This form, published on June 7, 2006, supersedes the June 13, 2005 publication)

The Credit Derivative Transaction on Asset Backed Security template is designed for use with Reference Obligations that are Asset-Backed Securities, where Cash or Physical Settlement is appropriate. Its use is not intended to be restricted to any particular type of Asset-Backed Security. In this form, an additional mechanism for settlement, delivery of a total return swap, is available.

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Credit Derivative Transaction on Asset-Backed Security with Pay-As-You-Go Settlement (Form II)
(published December 19, 2005)

The Credit Derivative Transaction on Asset-Backed Security with Pay-As-You-Go Settlement (Form II) template is designed for use with Reference Obligations that are asset backed securities, as deemed appropriate by the parties. This template is not intended for use with negative basis trades.

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CDS on CDO Documentation

Credit Derivative Transaction on Collateralized Debt Obligation with Pay-As-You-Go or Physical Settlement (Dealer Form)

(This Standard Terms Supplement, published on August 8, 2007, supersedes the June 6, 2007 CDS on MBS Standard Terms Supplement; the June 6, 2007 Form of Confirmation remains unamended and can be utilized with the August 8, 2007 Standard Terms Supplement)

This Standard Terms Supplement for a Credit Derivative Transaction on Collateralized Debt Obligation replaces the June 6, 2007 and June 7, 2006 publications. As compared to the June 6, 2007 publication, there is only one modification – in the section entitled “Relevant Rate” on page 39, the June 6, 2007 publication’s reference to the 2000 ISDA Definitions has been replaced in the August 8, 2007 publication with a reference to the “2006 ISDA Definitions”. It should be noted that ISDA has published a memorandum outlining the salient differences between the 2000 ISDA Definitions and the 2006 ISDA Definitions. This is available on the ISDA website, www.isda.org under “Bookstore/Publications” under “ISDA Interest Rate and Currency Derivative Definitions” and is entitled “Memorandum on Principal Amendments to the 2000 ISDA Definitions As Incorporated In The 2006 ISDA Definitions”.

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Fixed Recovery, Recovery Lock and Other Credit Derivative Transaction Documentation

Standard Terms Supplement and Confirmation for Nth to Default Transactions
(published September 22, 2011)

The Standard Terms Supplement and Confirmation for Nth to Default Transactions are designed for Nth to Default transactions referencing bespoke baskets of CDS Reference Entities. The documents provide for Settlement Terms when the "Nth" Reference Entity in the basket is subject to an Event Determination Date and sets forth the mechanics for substituting a Reference Entity name or names in the event that a Succession Event or Seller Merger Event occurs. These documents replace the template First to Default Confirmation published in 2004. Compared to the 2004 Confirmation, these documents have been expanded to cover Nth to Default Transactions, converted into a standard terms supplement and confirmation format, and amended to reference the Credit Derivatives Physical Settlement Matrix and to reflect the changes made to First to Default and Nth to Default transactions by the Small Bang Protocol.

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Additional Provisions for Recovery Lock Credit Derivative Transactions
(published March 2, 2011 for 2003 Definitions and September 15, 2014 for 2014 Definitions)

These Additional Provisions are designed to be used with the Credit Derivatives Physical Settlement Matrix and Confirmation to document Recovery Lock Credit Derivative Transactions. Recovery lock transactions generally permit the counterparties to address the uncertainty of the recovery upon the default of the Reference Entity by locking in a recovery rate. These Additional Provisions replace the template Confirmation for a Recovery Lock Credit Derivative Transaction published on May 1, 2006. The Recovery Lock provisions in the template Confirmation to provide for a Fixed Settlement that applies where there are no Deliverable Obligations following a Credit Event.

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Additional Provisions for Fixed Recovery CDS Transactions
(published September 24, 2010 for 2003 Definitions and September 15, 2014 for 2014 Definitions)

These Additional Provisions are designed to be used with the Credit Derivatives Physical Settlement Matrix and Confirmation to document Fixed Recovery CDS Transactions. These Transactions are Cash Settled using a pre-agreed "Final Price" following the occurrence of a Credit Event and satisfaction of the Conditions to Settlement.

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Standard Terms Supplement and Confirmation for CMBS Index Basis Swap
(published March 20, 2008)

The Standard Terms Supplement and Confirmation for CMBS Index Basis Swap are designed for documenting duration-neutral total return swap transactions referencing indices of commercial mortgage-backed securities. In particular the template is designed for use with the commonly-traded indices maintained by Lehman Brothers Inc. and Banc of America Securities LLC.

A timeline for the operation of the Index Modification, Index Cancellation and Index Calculation Failure provisions is also provided for information.

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Additional Provisions for a Secured Deliverable Obligation Characteristic  
(published June 16, 2006 for 2003 Definitions and September 15, 2014 for 2014 Definitions)

The Additional Provisions for a Secured Deliverable Obligation Characteristic allow parties to incorporate into a confirmation a new optional Deliverable Obligation Characteristic "Secured." The provisions are intended for use in credit default swap transactions where the Reference Entity is a high yield credit.

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Single Name CDS Swaption Standard Terms Supplement and Credit Default Swaption Confirmation
(Standard Terms Supplement published January 20, 2011 and Confirmation published April 3, 2012)

(This form of Confirmation, published on April 3, 2012, supersedes the January 20, 2011 Confirmation; the January 20, 2011 Standard Terms Supplement remains unamended and can be utilized with the April 3, 2012 form of Confirmation)

The Single Name CDS Swaption Standard Terms Supplement and Credit Default Swaption Confirmation are designed to facilitate credit default swaption transactions. These documents replace the prior versions published on August 6, 2007. The changes reflect the incorporation of the July 2009 Supplement and the inclusion in the Credit Derivatives Physical Settlement Matrix (from January 20, 2011) of swaption-specific information. The form of Confirmation published April 3, 2012 reflects changes to the U.S Municipal Transaction Types made to the Credit Derivatives Physical Settlement Matrix on April 3, 2012.

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Additional Provisions for Constant Maturity Credit Default Swaps

These Additional Provisions may be used in place of the standard provisions of Section 2 of the form of confirmation set out in Exhibit A of the 2003 ISDA Credit Derivatives Definitions to facilitate the execution of a constant maturity credit default swap transaction. Its intended primary use is for an inter-dealer transaction.

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Bespoke Tranche Documentation

Global Tranched Transactions Standard Terms Supplement and Confirmation
(published February 1, 2011)

The Global Tranched Transactions Standard Terms Supplement and Confirmation are designed for use with the Credit Derivatives Physical Matrix to document tranched credit derivatives transactions on bespoke portfolios of Reference Entities. This version updates the version published on December 1, 2010, to conform with provisions included in CDX tranche documentation published on January 31, 2011.

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Cash Settlement Annex to the Global Tranched Transactions Standard Terms Supplement
(published March 2, 2011)

The Cash Settlement Annex to the Global Tranched Transactions Standard Terms Supplement is designed for use with the Global Tranched Transactions Standard Terms Supplement and Confirmation to document tranched credit derivatives transactions on bespoke portfolios of Reference Entities that are cash settled. This publication updates the version originally published by Markit on February 15, 2007, to reflect the amendments to that document contained in the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol.

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Loan Settlement Annex to the Global Tranched Transactions Standard Terms Supplement
(published March 2, 2011)

The Loan Settlement Annex to the Global Tranched Transactions Standard Terms Supplement is designed for use with the Global Tranched Transactions Standard Terms Supplement and Confirmation to document tranched credit derivatives transactions on bespoke portfolios of Reference Entities with provision for cash settlement of Loans in certain circumstances. This publication updates the version originally published by Markit on June 7, 2006, to reflect the amendments to that document contained in the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol.

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Loss at Maturity Annex to the Global Tranched Transactions Standard Terms Supplement
(published March 2, 2011)

The Loss at Maturity Annex to the Global Tranched Transactions Standard Terms Supplement is designed for use with the Global Tranched Transactions Standard Terms Supplement and Confirmation to document tranched credit derivatives transactions on bespoke portfolios of Reference Entities wherein payments to reflect losses on the tranche are not made during the life of the transaction but instead, at maturity, Buyer pays the original swap notional amount to Seller less any losses on the tranche incurred during the life of the transaction. This publication updates the version originally published by Markit on November 17, 2006, to reflect the amendments to that document contained in the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring CDS Protocol.

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Loss at Maturity Novation Confirmation
(published July 14, 2011)

The Loss at Maturity Novation Confirmation is designed for use in novating a bespoke tranche portfolio transaction documented using the Global Tranched Transactions Standard Terms Supplement and incorporating the Loss at Maturity Annex. This publication updates the version originally published by Markit on November 17, 2006, to reflect the amendments made to the Global Tranched Transactions Standard Terms Supplement and the Loss at Maturity Annex when those documents were published on February 1, 2011 and March 2, 2011 respectively.

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Reference Entity-based Documentation, Including Documentation for Monoline Insurer, U.S. Municipal and other Reference Entity Types

2012 ISDA U.S. Municipal Reference Entity Supplement to the 2003 ISDA Credit Derivatives Definitions

The 2012 ISDA U.S. Municipal Reference Entity Supplement to the 2003 ISDA Credit Derivatives Definitions is designed for use in trades where a U.S. Municipal Entity is the Reference Entity for a credit default swap where the documentation also incorporates the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restricting Supplement to the 2003 ISDA Credit Derivatives Definitions (the "2009 July Restructuring Supplement") and makes specific amendments to the 2003 ISDA Credit Derivatives Definitions and the 2009 July Restructuring Supplement for purposes of Muni CDS transactions.

(With effect from April 3, 2012, this document, published on March 5, 2012, supersedes the "Additional Provisions for use with U.S. Municipal Reference Entities", published in 2004)

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Additional Provisions for Sukuk Corporate and Sukuk Sovereign Transaction Types
(published November 2, 2010 for 2003 Definitions and September 15, 2014 for 2014 Definitions)

The Additional Provisions for Sukuk Corporate and Sukuk Sovereign Transaction Types are designed principally for use with the ISDA Credit Derivatives Physical Settlement Matrix to document CDS transactions referencing a Reference Entity's Sukuk Obligations.

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The onshore single name CDS confirmation referencing Korean entities
(published January 6, 2011)

The  template is designed to document single name CDS transactions referencing an entity incorporated in the Republic of Korea. This document is recommended for onshore transactions in Korea only.  This document amends the Exhibit A to 2003 ISDA Credit Derivatives Definitions to incorporate two insolvency proceedings unique to Korean law, namely  (i) the suspension of business by the order of Korean regulators under the Act on the Structural Improvement of Financial Industry that is applicable only to the financial institutions in Korea and (ii) the Corporate Restructuring Promotion Act that is applicable only to the Korean corporations having outstanding indebtedness to Korean financial institutions, to the definition of Bankruptcy Credit Event.  ISDA drafted this document in consultation with the Korea Financial Investment Association.  

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Monoline Insurer Reference Entities
(published August 31, 2010)

The purpose of this list is to gather and disseminate information as to the reference entity names that market participants believe to be monoline insurers which may be referenced as such in a standard credit default swap.

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CDS Monoline Supplement Agreement
(published February 29, 2008)

The CDS Monoline Supplement Agreement is available at the link to the right, together with a Questions and Answers document explaining the purpose and effect of the agreement. ISDA also facilitated the signing of a multilateral version of the agreement. The period for signing this agreement expired on Wednesday March 26, 2008 and therefore no further signatures can be accepted.

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Monoline Supplement
(published in 2005 for 2003 Definitions and on September 15, 2014 for 2014 Definitions)

The Monoline Supplement is intended to for use with credit default swap transactions where the Reference Entity is a monoline insurance company issuing financial guaranty insurance policies or similar financial guarantees.

(The 2005 document supersedes the "Additional Provisions for Physically Settled Default Swaps - Monoline Insurer as Reference Entity", published in May 2003)

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Additional Provisions for use with U.S. Municipal Reference Entities

The Additional Provisions are designed for use in trades where a U.S. Municipal Entity is the Reference Entity for a credit default swap.

(These Additional Provisions, published in 2004, are superseded by the 2012 ISDA U.S. Municipal Reference Entity Supplement to the 2003 ISDA Credit Derivatives Definitions published March 5, 2012.)

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Additional Provisions for STMicroelectronics NV
(published on December 6, 2007)

Additional Provisions for STMicroelectronics NV

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Additional Provisions for Reference Entities with Delivery Restrictions
(published on February 1, 2007)

The Additional Provisions for Reference Entities with Delivery Restrictions is offered as an additional optional field in the Credit Derivatives Physical Settlement Matrix, as published on February 1, 2007. These provisions may also be incorporated into a Confirmation if parties wish to specify its application in relation to certain Reference Entities to whom these restrictions would apply. In general, these Additional Provisions are designed to address situations where a Reference Entity’s issuance of bonds is subject to certain requirements of the Investment Company Act of 1940, such as particular transfer restrictions and the requirement that the bonds trade through certain “gatekeeper” dealers, among other items.

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Additional Provisions for LPN Reference Entities
(published October 3, 2006 for 2003 Definitions and September 15, 2014 for 2014 Definitions)

The Additional Provisions for LPN Reference Entities may be incorporated into a Confirmation if parties wish to specify certain Reference Obligations in relation to certain Reference Entities that issue debt via Loan Participation Note (LPN) programs.

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Additional Provisions for the Hellenic Republic: Excluded Obligations and Excluded Deliverable Obligations
(published May 29, 2012)

The Additional Provisions for the Hellenic Republic may be incorporated into a Confirmation if parties wish to specify certain obligations of the Hellenic Republic as Excluded Obligations and Excluded Deliverable Obligations.

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Additional Provisions for the Argentine Republic: Excluded Obligations and Excluded Deliverable Obligations
(published December 21, 2005)

The Additional Provisions for the Argentine Republic may be incorporated into a Confirmation if parties wish to specify certain obligations of the Argentine Republic as Excluded Obligations and Excluded Deliverable Obligations.

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Additional Provisions for the Russian Federation: Obligation Characteristics and Deliverable Obligation Characteristics

These Additional Provisions are automatically incorporated into Paragraph 5 of the Sovereign General Terms Confirmation of the 2004 Sovereign Master Credit Derivatives Confirmation Agreement if the Reference Entity of a transaction is the Russian Federation.

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Additional Provisions for the Republic of Hungary: Obligation Characteristics and Deliverable Obligation Characteristics
(published February 14, 2005)

These Additional Provisions are for use the Republic of Hungary as a Reference Entity.

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Indian Corporate Bond CDS Documentation

Master Credit Derivatives Confirmation Agreements for Indian Corporate Bonds
(published May 31, 2012)

These templates are to be used for documenting INR credit default swap transactions on Indian corporate bonds between two onshore Indian participants. The Market-maker MCA is to be used where both parties are Market-makers and the User MCA is to be used where one party is a Market-maker and the other party is a User. The Indian onshore credit default swap market is a regulated market and participants should ensure that they are familiar with the Guidelines of the Reserve Bank of India and other relevant regulations before transacting.

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1999 ISDA Credit Derivatives Definitions and Supplements

Various Supplements to 1999 ISDA Credit Derivatives Definitions

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1999 ISDA Credit Derivatives Definitions

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Confirmation of OTC Credit Swap Transaction Single Reference Entity - Non Sovereign

The Confirmation of OTC Credit Swap Transaction - Single Reference Entity - Non-Sovereign is intended for use in documenting transactions that provide credit protection against certain defaults involving non-Sovereign entities. The long-form confirmation can be used in conjunction with an ISDA Master Agreement to document either cash-settled or physically-settled transactions.

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Miscellaneous

Called Subordinated Notice
(published February 23, 2009)

This Best Practice language indicates firms' intention that trades confirmed inclusive of a Subordinated Reference Obligation that was matured or called as of the Trade Date is a trade with the Subordination of the Reference Obligation as of the date on which it was redeemed.

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Timeline for the Physical Settlement of a Credit Derivative Transaction Following a Credit Event
(published February 7, 2006)

This timeline is a summary of certain settlement procedures set forth in the 2003 ISDA Credit Derivatives Definitions (the “2003 Definitions”) and is for informational purposes only. It does not seek to incorporate all provisions set forth in the 2003 Definitions, nor will it amend or alter individual contracts.

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Net Settlement Agreement
(published May 8, 2006)

The Net Settlement Agreement is an optional agreement allowing parties to bilaterally agree to settle Credit Derivative Transactions between them on a net basis. The document is intended for use in respect of Transactions where Physical Settlement has been selected.

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Letter Agreement Relating to Notice Delivery Methods
(published February 7, 2006)

This letter agreement, if parties choose to enter into it, allows parties to elect delivery methods, in addition to those in the 2003 ISDA Credit Derivatives Definitions, such as e-mail or electronic messaging systems, for notices in relation to the occurrence of a Credit Event and the settlement of a Transaction after a Credit Event.

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