Shadow of Lone Star returns Novo Banco anxiety

By GlobalCapital
06 Apr 2017

Many names have a certain kind of notoriety among credit derivatives players. TXU, Hellenic Republic and more recently iHeart have all posed significant challenges to the efficacy of the CDS product, writes Gavan Nolan.

Another prime example is Novo Banco. The Portuguese credit was created as a “good bank” in the August 2014 restructuring of Banco Espirito Santo. This was immediately prior to the introduction of ISDA's 2014 derivatives definitions in September of that year. The good bank/bad bank split highlighted some ...

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