Mexico's Urbi Desarrollos Urbanos CDS auction to be held, ISDA says

By Marisa Wong

Madison, Wis., May 21 - The International Swaps and Derivatives Association, Inc. said its Americas Credit Derivatives Determinations Committee determined that a failure to pay credit event occurred for Urbi Desarrollos Urbanos, SAB de CV.

The committee decided that an auction will be held for Urbi's outstanding credit default swap transactions.

ISDA said it will make another announcement about the auction.

Urbi is a homebuilder based in Mexicali, Mexico.

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