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Ardagh Credit Event Processing and Trading on New Index Versions

Asset Classes
Credit December 16, 2025
< 1  min.read

The Credit Derivatives Determinations Committee announced on December 15 that a restructuring credit event has occurred with respect to Ardagh. An ISDA Credit Market Infrastructure Group call was held on December 15 to discuss the processing of this event.

The result  of that call was that infrastructure providers will run the ‘spin-off’ process (where the reference entity is removed from index credit default swaps (CDS) and spun off into separate single-name CDS for the purposes of facilitating triggering in due course) overnight on the December 17, effective Thursday December 18, 2025.

Trading on the new index versions will therefore commence on (and be eligible for clearing from) Thursday December 18, 2025.

Please contact ISDA, DTCC, S&P Global or the clearing houses with any questions or for further information.

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