ISDA has announced the launch of the ISDA 2019 German Bank CDS Protocol, designed to reflect changes being made to credit default swaps (CDS) on German bank reference entities.
Under a change in German law in 2018, the country’s banks are able to issue two types of senior unsecured debt obligations: senior preferred and senior non-preferred. As a result, CDS contracts referencing senior non-preferred debt of a German bank will be documented using the ‘European senior non-preferred financial corporate’ transaction type. The ISDA 2019 German Bank CDS Protocol allows parties to update certain existing transactions on German bank reference entities to apply the European senior non-preferred financial corporate transaction type, maintaining fungibility between legacy and new transactions.
The ISDA 2019 German Bank CDS Protocol is open for adherence for ISDA members and non-members from February 6, 2019 until April 26, 2019. The text of the protocol, a link for adherence, along with answers to frequently asked questions and a list of adherents, are available on the Protocols section of ISDA’s website.
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