ISDA’s determinations committee last week reiterated its decision to “dismiss” a default question relating to Noble Group, but managed to avoid the controversial bilateral settlement of credit default swaps by ruling that counterparties have insufficient information on the issuer’s extended loan to serve valid notices against each other.
ISDA’s determinations committee has dismissed a default question relating to Noble Group for a second time, meaning that protection holders must revert to the bilateral settlement process in order to trigger their contracts.
Nestle returned to its domestic market for the first time in almost a decade, taking advantage of strong demand for such a well-known name, albeit rare issuer, to price a very tight dual-tranche deal.
Vorarlberger Landes- und Hypothekenbank (VorHyp) priced the first Austrian senior bond issue in euros since 2014 last Tuesday, with the trade’s green nature proving a helpful pull to get investors involved.
De Volksbank has mandated banks for an inaugural senior trade, taking a further step on the long road to recovery after the Dutch government wiped out shares, Tier 1 securities and subordinated bonds in SNS Bank, its predecessor, in 2013.
ISDA’s credit determinations committee last week failed to reach a decision over whether it would overturn its earlier dismissal of a default question relating to Noble, leaving credit default swap holders on tenterhooks and sparking calls for yet another effort to fix the contracts.