Orphaning question lingers over Wind CDS guarantee
We noted last month that orphaned CDS seemed to be on the rise, with both EDP in Portugal and Italy’s Wind possibly losing their relationships with deliverable obligations.
The picture was clear with EDP — bonds will be issued out of EDP Finance BV and this was reflected in the entity’s inclusion in the latest series of the Markit iTraxx Europe.
But the situation was somewhat opaque with Wind. Reports of a refinancing that would
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