CDS alteration faces test in SNS Reaal case

02/27/2013 | International Financing Review (free content)

ISDA is expected this year to release updated credit definitions, which will include measures to ensure securities other than bonds can be delivered into credit default swaps auctions. SNS Reaal, whose subordinated debt was expropriated by the Dutch government, provides a test case for an alteration some say is needed in debt restructurings.

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