ISDA sets Oct. 5 auction to settle Banco Popular updated 2003 CDS

By Marisa Wong

Morgantown, W.Va., Sept. 22 – International Swaps and Derivatives Association, Inc. has scheduled an auction for Oct. 5 to settle Banco Popular Espanol SA’s updated 2003 credit derivative transactions.

As reported in June, an auction was expected to be held to settle the credit derivative trades for the bank’s 2003 credit default swaps after ISDA’s EMEA Determinations Committee determined that a default had occurred.

The issuer is a bank based in Madrid.

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