ISDA to meet on Venezuela CDS payout

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