Isda publishes new European LCDS contract

The International Swaps and Derivatives Association has published a revised single-name European loan credit default swap (LCDS) contract. The new template, published on July 30, gives users the option of whether the LCDS contract will be cancelled after a refinancing of the reference obligation.

The industry body has been working on the revised documentation since the end of 2006 with a working group of dealers, bankers and end-users. The previous contract was cancellable if a refinancing occurs

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