Category: ISDA auction

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Daily News Roundup 2012: Tuesday 20 March

Good morning The headlines: Today is the day after March 19th: the ISDA of March (four days after the ides of March – historians, take note). The credit-default swap option auction took place. Dealers agreed to a final value for Greek Bonds of 21.5% of face value at auction. This means that the CDS sellers […]

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Greek CDS Exposure: Proving the ISDA and Bloomberg Wrong

According to numerous news reports, the net exposure arising as a result of Friday’s decision to declare the activation of Greek CACs a credit-default event amounts to approximately $3.16 billion (assuming that the bonds achieve no value at the ISDA auction on March 19). Where is the data coming from? On the same day that […]

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Daily News Roundup 2012: Monday 12 March

Good morning The headlines: The Greece deal will trigger Credit-Default Swaps, according to the ISDA (International Swaps and Derivatives Association). Contrary to popular (read: “my”) belief (read: “erroneous understanding”), the Greek government was going to use the CACs regardless. I get the impression that Greece needed the 75% participation in order to activate the CACs […]

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