ISDA®
ISDA - INTERNATIONAL SWAPS AND
DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Tuesday, August 24, 2010
For More Information, Please
Contact:
Cesaltine Gregorio, ISDA New York,
+1 212-901-6019, cgregorio@isda.org
Rebecca O'Neill, ISDA London, +44
203 088 3586, roneill@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906 dchan@isda.org
ISDA to Publish LCDS Auction Terms for Boston Generating
NEW YORK, Tuesday, August 24, 2010 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Boston Generating LLC, a subsidiary of US Power Generating Company. Boston Generating filed a Chapter 11 petition with the US Bankruptcy Court in Manhattan on August 18.
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 820 member institutions from 57
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.