Successor determinations

Indra Rajaratnam


The expedition moves to the other major event covered under the 2014 ISDA Credit Derivatives Definitions (henceforth the “2014 Definitions”; see International Swaps and Derivatives Association Inc. 2014b) concerning successions. This chapter focuses on successor determinations, which entail tracking the debt movement of “relevant obligations” of a reference entity. As debt transfer activity can be closely associated with a reorganisation of a reference entity, its capital structure or debt, these type of events typically involve activities such as mergers, amalgamations, transfer of assets or liabilities, demergers and spin-offs. This is unlike a restructuring credit event, which, as described in Chapter 15 (on Restructuring and redenomination), relates to a restructuring in connection with a specific debt obligation that can involve forgiveness of debt, and other events such as “subordination”, redenomination or extension to the maturity date of an obligation.

This chapter begins by providing a brief overview of the type of events which give rise to a successor determination, the impact of one or more successor identifications and the risks that can arise

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