ISDA committee votes to hold auction for Kazakhstan's Alliance Bank

By Angela McDaniels

Tacoma, Wash., May 19 - An auction to settle credit-default swap transactions referencing JSC Alliance Bank will be held, according to a news release from the International Swaps and Derivatives Association, Inc.

ISDA said its Europe, Middle East and Africa credit derivatives determinations committee voted to hold the auction after it resolved that a failure-to-pay credit event had occurred.

The auction will be administered by Markit and Creditex.

As previously reported, Alliance Bank confirmed that it failed to pay more than $10 million that was due May 11 under an international loan facility and is developing a restructuring and recapitalization plan.

Alliance Bank is focused on small and medium enterprises and the retail segment. It is based in Almaty, Kazakhstan.

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