Greek CDS Won't Trigger: ISDA Says No Default Yet
The Troika has done it. Somehow European authorities were able to get Greek creditors to take 53.5% haircuts on their holdings, while exempting the ECB from the deal, without triggering insurance payouts on instruments intended to protect investors from just such a turn of events.
The International Swaps and Derivatives Association said the Greek restructuring does not constitute a credit event at this stage, though it warned that “the situation in the Hellenic Republic is still evolving,” and its determination could change if further facts come to light.
Thursday’s decision means that, at this point, investors who purchased credit default swaps (CDS) on Greek debt will not be paid out, even though Greece will not be paying bondholders 100 cents on the dollar. The haircut – negotiators for the Private Sector Involvement (PSI) agreed to 53.5% to help Greece secure its latest €130 billion rescue package from the ECB, European Commission and IMF – still has to be agreed to by 90% of bondholders to go into effect, but the ISDA has made it clear that it will not trigger payout on credit protection.
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The haircut – negotiators for the Private Sector Involvement (PSI) agreed to 53.5% to help Greece secure its latest €130 billion rescue package from the ECB, European Commission and IMF – still has to be agreed to by 90% of bondholders to go into
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