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ISDA schedules auction for April 25 to settle CDS of Noble Group
By Tali Rackner
Minneapolis, April 17 – International Swaps and Derivatives Association, Inc. scheduled an auction for April 25 to settle credit default swaps for Noble Group Ltd., according to a notice.
As announced March 27, the ISDA’s derivatives determinations committee determined that the company’s failure to make payments on its notes caused a credit event to occur.
As previously reported, Noble has missed a series of payments on its notes, including its 3 5/8% senior notes due 2018 and 8¾% senior notes due 2022.
Noble Group is a Hong Kong-based conglomerate that focuses on raw materials.
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