ISDA shrinks down Venezuela CDS reach

CAF, Caracas
By Costas Mourselas
11 Oct 2017

The International Swaps and Derivatives Association (ISDA) on Wednesday published a protocol that limits the scope of legacy credit default swaps referencing Venezuelan debt to obligations not restricted by recent US sanctions on the country.

The ISDA 2017 Venezuela Additional Provisions Protocol will cover many credit derivatives referencing Venezuela or Petroleos de Venezuela (PdVSA) and counterparties will have until October 18 to update their paperwork to comply.

ISDA’s action comes after US president Donald Trump signed an executive order on August 24, banning ...

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