INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
For Immediate Release, Friday, February 5, 2010
For More Information, Please Contact:
Cesaltine Gregorio, ISDA New
York, +1 212-901-6019, email@example.com
Deirdre Leahy, ISDA New York,
+1 212-901-6021, firstname.lastname@example.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, email@example.com
ISDA to Publish Auction Terms for Lafarge
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
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
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.
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.