ISDA to weigh succession event for Novo Banco / BES

Portugal Flag 230x150
By Dan Alderson
05 Jan 2016

ISDA’s Determinations Committee will meet at 12pm London time on Wednesday to decide whether Portugal’s Novo Banco has triggered a government intervention credit event, but will also deliberate a succession event in relation to the transfer of senior bonds to Banco Espirito Santo.

Holders of credit default swaps referencing Novo Banco asked International Swaps and Derivatives Association’s EMEA Credit Determinations Committee last week to rule on whether an unexpected decision to transfer five senior bonds to Banco Espirito Santo constitutes a government intervention or a restructuring credit event.

ISDA said on ...

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