Creditors

Frontrunning: November 20

  • Merkel faces worst political crisis of her career (FT)
  • Merkel’s Failure Is Bad News for May (BBG)
  • Trump open to dropping healthcare provision in Senate tax bill: aide (Reuters)
  • Bitcoin's White-Knuckle Ride Continues as It Dashes Past $8,000 (BBG)
  • UK Preparing Enhanced Brexit Cash Offer (BBG)

ECB Proposes End To Deposit Protection

"covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility."

Muddy Waters Proved Right As Huishan Dairy Prepares For Liquidation

Huishan’s troubles should be a cautionary example for investors, said Charles Macgregor, head of emerging markets research at Lucror Analytics. “There is very likely more Huishans out there, this type of behavior is hardly isolated to a few bad apples.”

Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as its state energy company, PDVSA.

Frontrunning: November 14

  • Top central bankers vow to talk investors out of easy money (Reuters)
  • Sessions Considers Probe to Evaluate Clinton-Russia Ties (WSJ)
  • Trump Jr. Exchanged Messages With WikiLeaks (WSJ)
  • German growth surprise lifts Europe as China subdues Asia (Reuters)
  • Kremlin tells companies to deliver good news (Reuters)

Venezuela Officially Declared In Default

"The Issuer’s failure to pay interest on the Notes when due on October 10, 2017 constitutes a Default under the Indenture. The Paying Agent has further notified the Trustee that the interest payment was not received by November 9, 2017. "

Venezuela Just 24 Hours Away From Formal Declaration Of Default

ISDA has agreed to review a request to determine whether an event of default has occurred in Venezuela due to a delayed bond payment on PDVSA bonds which matured on Nov. 2. The ISDA Determinations Committee will hold its first meeting regarding PDVSA at 11am on Friday, November 10.

Saudi Purge Goes Nuclear: Over 1,200 Bank Accounts Frozen

Saudi Arabia took its "money laundering" crackdown to the next level on Tuesday when Saudi banks reportedly froze more than 1,200 accounts belonging to individuals and companies in the kingdom as part of the government’s countercoup "anti-corruption purge."