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New CDS documentation from Isda

The International Swaps and Derivatives Association has released standard documentation for three classes of credit default swap (CDS).

    • Alexander Campbell
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Isda published document templates for loan-only CDS and CDSs on collateralised debt obligations (CDOs) this week. The loan-only CDS template is intended for CDSs where both the reference obligation and the deliverable obligation are syndicated secured loans, and is meant primarily for the US market.The CDS on CDO template is similar to Isda's existing template for CDSs on asset-backed securities using a pay-as-you-go approach, which it published in June 2005. The new template also includes implied writedowns caused by a drop in the value of the underlying obligation.Isda has also revised and reissued its template for CDSs on asset-backed securities. In addition to cash or physical settlement, the new template allows settlement by delivering a total return swap.

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