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Daal
Registered: Oct 2002
Posts: 9002 |
03-09-12 11:38 PM
Quote from Martinghoul:
ISDA has published the list of deliverable bonds on its website. The 2042s were the CTD, last I checked.
At what price are they trading?Seems to me that ISDA did a favor to those who bought CDS, had it triggered last year they would have gotten much less
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jj90
Registered: Nov 2005
Posts: 497 |
03-10-12 12:32 AM
Re: Greece picks.
Gonna do the research this weekend on Greece, but anyone have any opinions on the other PIIGS nations? Could be some better relative value there, especially Italy that haven't been discussed yet.
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Martinghoul
Registered: Jan 2009
Posts: 5641 |
03-10-12 01:44 AM
Quote from Daal:
At what price are they trading?Seems to me that ISDA did a favor to those who bought CDS, had it triggered last year they would have gotten much less
Last I checked was smth like 17 cents. As to the CDS, how could it have triggered last year? There were no events last year where a mkt participant went to ISDA to request a determination.
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Martinghoul
Registered: Jan 2009
Posts: 5641 |
03-10-12 10:02 AM
Quote from Daal:
http://www.businessweek.com/news/20...debt-swaps.html
Yeah, but this wasn't any sort of an official request for determination... It was just the ISDA legal counsel issuing a preliminary opinion. As we have seen, once PSI actually occurs, someone goes to ISDA for an official decision. Moreover, you have to keep in mind that the restructuring event determination only occurred because Greece had to use CACs (which weren't in Greek law bonds until recently) for something like 10% of bonds. Had voluntary participation been 95% instead of 85%, the ruling would have likely been different.
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Daal
Registered: Oct 2002
Posts: 9002 |
03-10-12 10:18 AM
Quote from Martinghoul:
Yeah, but this wasn't any sort of an official request for determination... It was just the ISDA legal counsel issuing a preliminary opinion. As we have seen, once PSI actually occurs, someone goes to ISDA for an official decision. Moreover, you have to keep in mind that the restructuring event determination only occurred because Greece had to use CACs (which weren't in Greek law bonds until recently) for something like 10% of bonds. Had voluntary participation been 95% instead of 85%, the ruling would have likely been different.
My point was that people ripped ISDA for what they did but it actually helped the people who bought CDS
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