ISDA Decides ResCap Bankruptcy CDS Trigger

15 May 2012

The determinations committee of the International Swaps and Derivatives Association decided that the filing of bankruptcy of Residential Capital constitutes a credit event that would trigger the payout of roughly USD858 million in credit default swaps referencing the ResCap.

The determinations committee of the International Swaps and Derivatives Association decided that the filing of bankruptcy of Residential Capital constitutes a credit event that would trigger the payout of roughly USD858 million in credit default swaps referencing the ResCap. UBS had asked the committee to decide the matter

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