ISDA panel to reconvene on Venezuela CDS auctions

An industry committee said on Monday it will reconvene next week to discuss terms of two auctions that will determine the payout on some US$1.5bn of CDS contracts tied to Venezuela’s bonds. The 15-member committee, organized by the International Swaps and Derivatives Association (ISDA), declared Venezuela and state-owned oil company PDVSA in default on Thursday after the country failed to make timely payments on some of its bonds. More…