Swaps Succession Protection Not In The Offing

Nov 30 2006 | 10:18am ET

Hedge funds and other credit default swap investors hoping for succession protection from the International Swaps and Derivatives Association appear to be out of luck.

Proposed changes to the 2003 Credit Derivatives definitions—expected in the spring—will not offer protection to holders of CDS following financial restructurings, debt redemptions or leveraged buyouts, ISDA General Counsel Kimberly Summe told Reuters.


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