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The International Swaps and Derivatives Association, Inc.
(ISDA) last week announced that LCDS dealers voted to hold an auction
for European loan-only CDS transactions referencing a credit agreement entered
into by, amongst others, the credit known as Lafarge Roofing.
The credit agreement EUR 2,070,000,000 Senior Secured Credit Facilities,
(Credit ID ELCDS-Lafarge), was entered into by, amongst others, Financiere
Gaillon 7 S.A.S., LR (the credit known as Lafarge Roofing). European loan only
CDS (LCDS) transactions refer to Reference Obligations rather than Reference
Entities, as is the case in regular CDS and North American LCDS.
The Markit iTraxx LevX Market Makers have determined that a Restructuring
Credit Event has occurred in respect of the referenced credit agreement, based
on publicly available information.
ISDA will facilitate the process by publishing the auction
terms on its website www.isda.org/credit, in due course. The auction will be
administered by Markit and Creditex.
Source: www.riskcenter.com |
