The International Swaps and Derivatives
Association, Inc. (ISDA) has announced the launch of the ISDA 2017 Venezuela
Additional Provisions Protocol. The Protocol is designed to help market
participants that have entered into credit derivatives transactions referencing
Venezuela or Petroleos de Venezuela, S.A. (including various emerging market
credit default swap index transactions), following the imposition of sanctions
on Venezuela by the US. These sanctions make credit default swap (CDS) auctions
for restricted Venezuelan debt impractical, prompting ISDA to publish new terms
for these transactions that limit the scope of CDS contracts to debt
obligations that are not restricted under the terms of the sanctions More…
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