CDS

CDS

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.

Behold The Saudi Plunge Protection Team

Amid all of the chaos, coups, and corruption crackdowns in Saudi Arabia, and with declarations of war being dropped like confetti, the Tadawul All-Share Index is barely lower...

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.

The Time Has Come: Venezuela May Be In Default In Under 48 Hours

The probability of a Venezuela default has increased substantially with coupon delays, and it could come as soon as this Friday, when an $842 million PDVSA principal plus interest payment is due, and which unlike typical bond payments, does not have a 30 day grace period,

Spain To Activate Article 155 Process, Suspending Catalonia Autonomy

Spain announced it will trigger the so-called "nuclear option" of Article 155 under the Spanish Constitution, and move ahead with the process of suspending Catalan autonomy and the powers of the local government, after Regional President Carles Puigdemont for the second time in three days refused to drop his claim to independence.

Kobe Steel Scandal Goes Nuclear: Company Faked Data For Decades, Had A "Fraud Manual"

Kobe Steel product quality data was falsified for decades at some of the company's Japanese plants the Nikkei reporter, well beyond the 10-year time frame given by the steelmaker. The cheating procedures eventually became institutionalized in what was essentially a tacit fraud manual, allowing the practice to continue as managers came and went.