Isda to overhaul CDS docs

The International Swaps and Derivatives Association (Isda) is planning an overhaul of successor language for credit default swap documentation in Europe and the US. Successor language governs CDS migration to new reference entities following debt-related events.

The overhaul is necessary as increasing LBO risk and capital restructurings have created situations where successor language would not provide for the migration of CDS to new debt.

“There have been a number of recent cases where

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