Fears that bumper coupon could skew iHeart CDS payouts
Market pushes for change to auction date amid fears of reduced single-name and index CDS payouts
Market participants are divided over whether the iHeart Communications credit derivatives default auction should be moved amid concerns an upcoming coupon payment might skew the payouts for the single name contracts and indexes that include the company.
On December 21, the International Swaps and Derivatives Association's credit derivatives determinations committee (DC) ruled that US radio broadcaster iHeart Communications had triggered a failure-to-pay credit event on its credit default swaps
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