ISDA launches revised European documentation template for credit default swaps

By Sara Rosenberg

New York, Oct. 3 - The International Swaps and Derivatives Association Inc. launched a revised template for credit default swaps referencing the iTraxx LevX index of European leveraged loans, according to a news release.

The revised template incorporates provision for settlement by reference to an auction following a credit event, bringing the European documentation in line with the North American Loan CDS documentation on this matter.

In addition, ISDA published a revised version of the single-name Standard Terms Supplement for Use with Credit Derivative Transactions on Leveraged Loans. This template has been updated to include auction settlement on the same terms as the index version.

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