NEWS RELEASE For Immediate Release
ISDA to Publish Auction Terms for Pages Jaunes
LONDON, June 12, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that loan-only credit default swap (LCDS) dealers voted to hold an auction for European LCDS transactions referencing a €2,350,000,000 facility agreement entered into by French group Pages Jaunes on October 24, 2006 (with subsequent amendments).
European LCDS transactions refer to reference obligations rather than reference entities, as is the case in regular CDS and North American LCDS.
Markit iTraxx LevX market-makers have determined that a failure-to-pay credit event has occurred with respect to the referenced facility agreement based on publicly available information.
ISDA will facilitate the process by publishing the auction terms on its website http://dc.isda.org/http://dc.isda.org/lcds-management/ in due course. The auction will be administered by Markit and Creditex.
For Media Enquiries, Please Contact: Nick Sawyer, ISDA London, +44 203 088 3586, nsawyer@isda.org Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
About ISDA
Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA has over 800 member institutions from 64 countries. These members include a broad range of OTC derivatives market participants including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure including exchanges, clearinghouses and repositories, as well as law firms, accounting firms and other service providers. 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 and Derivatives Association, Inc.
Latest
ISDA Launches Pre-adherence Period for Notices Hub
ISDA has begun a pre-adherence process for the ISDA Notices Hub, enabling firms to sign up to a free protocol that will allow them to use the new platform when it launches on July 15. Under the ISDA Master Agreement,...
ISDA SIMM EU Regulatory Approval Requirements
ISDA published ISDA SIMM version 2.7+2412 on May 22 – the first recalibration under the new semiannual cycle. The release triggered a new requirement for EU counterparties to apply for regulatory authorization to use the model – a submission that...
Creating Value - IQ June 2025
Ever since its establishment 40 years ago, ISDA has worked to enhance the safety and efficiency of derivatives markets. That has motivated everything we do – from the development of standard documentation and the rollout of new digital solutions to...
Paper on EC’s Sustainability Omnibus Proposal
On June 9, ISDA published a position paper setting out its views on the European Commission’s (EC) Sustainability Omnibus Package. In the paper, ISDA urges European authorities to: Ensure a proportionate, harmonized and symmetrical approach to the use of derivatives...