Thomson default triggers first 'Small Bang' credit event

The International Swaps and Derivatives Association (Isda) declared the first restructuring credit event to be settled under its Small Bang protocol on August 12.

A majority of 13 of the 15 members of Isda's Credit Derivatives Determinations Committee for Europe, the Middle East and Africa (EMEA), said a restructuring credit event had occurred in respect of French media and electronics firm Thomson. Bank of America Merrill Lynch and Legal & General voted against.

Both firms declined to comment

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