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DBRS Limited assigned ratings of AAA to the Covered Bonds, Series CBL55 and the Covered Bonds, Series CBL56 issued under the Bank of Nova Scotia . Series CBL55 has a coupon rate of 2.0425% and a... | May 5, 2023
DBRS Limited assigned a rating of AAA to the Covered Bonds, Series CBL57 issued under the Bank of Nova Scotia . Series CBL57 has a coupon rate of Compounded Daily SOFR + 0.78% and a maturity... | May 5, 2023
On June 1, 2022, the Credit Derivatives Determinations Committee announced that Russia’s failure to pay approximately $1.9 million in interest that had accrued between the maturity date...
To print this article, all you need is to be registered or login on Mondaq.com. This practice note focuses on credit default swaps (CDS) (both single-name and index) and provides a high-level overview of their functioning, with a particular emphasis on corporate CDS. Although the product may appear relatively simple at first sight, it is governed by a complex set of rules. Investors should seek to fully understand their terms before they trade the product in an effort to avoid falling into a trap for the unwary. Credit derivatives are financial contracts enabling marke...
Europcar Drives CDS Down a Familiar Path When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on Europcar bonds and loans. However, a short squeeze in the CDS auction resulted in a CDS final price of 100, representing a zero recovery for protection buyers on their CDS contracts. Short squeezes are not a new phenomenon in CDS. In the case of Europcar, the squeeze resulted primarily from the vast majority of bonds and loans being locked up as part of restructuring negoti...