Noble CDS drama escalates as DC postpones decision

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By Costas Mourselas
31 Aug 2017

The drama surrounding credit default swaps referencing Noble Group escalated this week as the Asia Ex-Japan International Swaps and Derivatives Association determinations committee on Thursday pushed back the deadline for ruling on whether Noble has defaulted.

The Hong Kong-based commodities trading group issued a $750m bond as recently as March, but its share price has fallen 80% since February and in June it agreed with lenders to extend the maturity of a borrowing base facility by 120 days.

The ISDA determinations committee was first ...

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