ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Friday, February 5, 2010

For More Information, Please Contact:

Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org

Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org

Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org 

 

 

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 American LCDS.

 

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 information.

 

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 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.


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