New York, Friday, February 5, 2010 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDS dealers voted to hold an auction for European loan-only CDS transactions referencing a credit agreement entered into by, amongst others, the credit known as Lafarge Roofing.
The credit agreement EUR 2,070,000,000 Senior Secured Credit Facilities, (Credit ID ELCDS-Lafarge), was entered into by, amongst others, Financiere Gaillon 7 S.A.S., LR (the credit known as Lafarge Roofing). European loan only CDS (LCDS) transactions refer to Reference Obligations rather than Reference Entities, as is the case in regular CDS and North American LCDS.
The Markit iTraxx LevX Market Makers have determined that a Restructuring Credit Event has occurred in respect of the referenced credit agreement, based on publicly available information.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.
About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 810 member institutions from 58 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.
Documents (1) for ISDA to Publish Auction Terms for Lafarge
Latest
Response to Voluntary Carbon Markets Consultation
On July 10, ISDA responded to the UK government’s consultation on voluntary carbon and nature markets. The UK should continue to play a leading role in promoting the consistent legal treatment of carbon credits internationally, with the development of global...
ISDA Response – ROC Consultation on Revised CDE Version 4
The International Swaps and Derivatives Association, Inc. (ISDA) response to the Regulatory Oversight Committee (ROC) consultation on the harmonisation of critical OTC derivatives data elements (CDE) revised CDE Technical Guidance – version 4, submitted to the ROC on January 24,...
ISDA response to ESMA MiFIR Review Consultation
On July 11, ISDA submitted a response to the European Securities and Markets Authority's (ESMA) fourth package of Level 2 consultation under the Markets in Financial Instruments Regulation Review (MiFIR), on transparency for derivatives, package orders and input/output data for...
Canadian Transaction Reporting Party Requirements
These Reporting Party Requirements establish the hierarchy and tie-breaker logic to determine a single reporting counterparty for Canadian provincial reporting. By leveraging the existing reporting party standard established for reporting to the CFTC, in most cases these rules facilitate submission...