ISDA: Potential repudiation/moratorium event occurs for Ukraine

By Wendy Van Sickle

Columbus, Ohio, Sept. 24 – The International Swaps and Derivatives Association, Inc. said its EMEA credit derivatives determinations committee resolved that a potential repudiation/moratorium has occurred in respect to the Republic of Ukraine.

The committee found that some, but not all, of the conditions for a repudiation/moratorium credit event were met. A potential repudiation/moratorium is not a credit event, so credit default swap contracts will not be settled as a result of the resolution.

Publication of the resolution causes an extension of the period during which a repudiation/moratorium credit event may occur for some credit default swap contracts referencing Ukraine, ISDA said.

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