Isda releases blueprint for sovereign CDSs

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The International Swaps and Derivatives Association (Isda) has released its first master confirmation agreement to standardize the trading of credit derivatives referenced to sovereign issuers.

The move to create the agreement was primarily prompted by disputes over debt exchange, notably the Argentinian government’s exchange of some $94.3 billion. The new document attempts to eradicate any further disputes by providing separate terms for sovereign debt, and importantly, a more

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