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Derivatives

17 April 2019
Donna M Parisi ISDA proposes amendments to 2014 Credit Derivatives Definitions relating to narrowly tailored credit events

USA - Shearman & Sterling LLP

The International Swaps and Derivatives Association recently published proposed amendments to its 2014 Credit Derivatives Definitions relating to narrowly tailored credit events. The proposal comes in the wake of concerns raised by market participants over certain failure to pay credit events, or claimed failure to pay credit events – in particular, the 2017 agreement by Hovnanian Enterprises to default on an interest payment to an affiliate in order to obtain favourable refinancing terms from GSO Partners.

Authors: Donna M Parisi, Geoffrey B Goldman, Azam H Aziz, Jennifer Oosterbaan
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