Η Διεθνής Ένωση Ανταλλαγών και Παραγώγων (International Swaps and Derivatives Association) αποφάσισε αργά σήμερα ότι η ανταλλαγή των ελληνικών ομολόγων (PSI), που διακρατούν ιδιώτες ομολογιούχοι, αποτελεί ένα «πιστωτικό γεγονός» (Credit event).
Η απόφαση, την οποία έλαβε η 'International Swaps and Derivatives Association(ISDA), πυροδοτεί την ενεργοποίηση των "ασφαλίστρων κινδύνου", των CDS. Η Διεθνής Ένωση για την Ανταλλαγή Νομίμων Υποχρεώσεων και Παραγώγων (ISDA) χαρακτηρίζει πιστωτικό γεγονός την ανταλλαγή των ελληνικών ομολόγων, που διακρατούν ιδιώτες ομολογιούχοι, λόγω της απόφασης της Αθήνας να ενεργοποιήσει τις ρήτρες συλλογικής δράσης (CAC), υποχρεώνοντας ορισμένους από τους κατόχους να συμμετάσχουν στην απομείωση του ελληνικού χρέους.
Ως αποτέλεσμα, "περιορίζεται το δικαίωμα όλων των κατόχων των συγκεκριμένων ομολόγων να πληρωθούν", αναφέρεται στην ανακοίνωση που εξέδωσε η ISDA.
Σύμφωνα με δημοσίευμα του πρακτορείου Bloomberg, το ποσό των ελληνικών CDS έχει μειωθεί σε 3,16 δισ. δολάρια από περίπου 5,56 δισ. δολάρια πριν από ένα χρόνο.
Η ανακοίνωση της ISDA:
ISDA EMEA Determinations Committee:
Restructuring Credit Event Has Occurred with Respect to
The Hellenic Republic
LONDON, March 9, 2012 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved unanimously that a Restructuring Credit Event has occurred with respect to The Hellenic Republic (Greece).
The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7(a) of the ISDA 2003 Credit Derivatives Definitions (as amended by the July 2009 Supplement) following the exercise by The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The Hellenic Republic such that the right of all holders of the Affected Bonds to receive payments has been reduced.
The Committee determined that an auction will be held in respect of outstanding CDS transactions on March 19. ISDA has published a list of obligations issued or guaranteed by The Hellenic Republic, which the EMEA Determinations Committee is currently in the process of reviewing. That list can be accessed here: http://www2.isda.org/preliminary-greek-obligations/.
ISDA will publish further information regarding the potential auction on its website, www.isda.org/credit, in due course.
Answers to frequently asked questions regarding The Hellenic Republic Restructuring Credit Event can be accessed via ISDA'Αs Greek Sovereign CDS page: http://www2.isda.org/greek-sovereign-cds/
ISDA will host a press briefing today at 9PM GMT / 4PM EST addressing the credit event ruling. A live webcast of the briefing will be available at: http://services.choruscall.com/links/isda120309.html.
Η ΨΗΦΟΦΟΡΙΑ:
Date: March 9, 2012
Determinations Committee: EMEA
Meeting Date: March 9, 2012
Issue Number: 2012030901 Has a Restructuring Credit Event occurred with respect to The Hellenic
Republic?
Question 1. for vote: In accordance with the last sentence of Section 2.4(b) of the DC Rules, does
this DC agree that the first meeting of this DC in respect of Issue No.
2012030901 shall take place on March 9, 2012?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 2. for vote: Is the Credit Event Resolution Request Date (the date on which the DC
Secretary first effectively received both a request to convene the Committee and Publicly Available Information that satisfies the requirements of Section 2.1(b) for the Restructuring Credit Event with respect to The Hellenic
Republic, March 9, 2012? (This question is asked to determine the Event Determination Date.)
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 3. for vote: Has a Restructuring Credit Event occurred with respect to The Hellenic
Republic?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 4. for vote: Is the date of the Restructuring Credit Event with respect to The Hellenic Republic, March 9, 2012?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 5. for vote: Should an auction be held to settle Relevant Transactions with respect to which a Credit Event Resolution has occurred, in accordance with the terms set out in the form of Credit Derivatives Auction Settlement Terms, with respect to The Hellenic Republic?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 6. for vote: Does this DC agree that the Auction Date should be March 19, 2012, notwithstanding the provisions of Section 3.2(b)(i) of the DC Rules?*
Vote result: YES
Votes: 10 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
0 "NO" votes
Question 7. for vote: Does this DC agree that Credit Derivatives Transactions to which “Modified Restructuring Maturity Limitation and Conditionally Transferable Obligation” is specified as applicable in the corresponding Confirmation will not constitute Auction Covered Transactions for the purposes of any auction in respect of
this Restructuring Credit Event?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 8. for vote: Does this DC agree to publish the statement as set out in Annex A.
Vote result: YES
Votes: 15 "YES"
votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 9. for vote: Do you agree that the next meeting of this DC will be held at 12.00 noon
London time on Monday March 12, 2012?
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
* Section 3.2(b)(i) of the DC Rules requires only the votes of Dealer Voting Members for agreeing the Auction Date.
Annex A
EMEA DC Statement
March 9, 2012
In light of today'Αs EMEA Determinations Committee (the EMEA DC) unanimous decision in respect of the potential
Credit Event question relating to The Hellenic Republic (DC Issue 2012030901), the EMEA DC has agreed to publish the following statement:
The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7 of the ISDA 2003 Credit
Derivatives Definitions (as amended by the July 2009 Supplement) (the 2003 Definitions) following the exercise by
The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The
Hellenic Republic (the Affected Bonds) such that the right of all holders of the Affected Bonds to receive payments
has been reduced.
The EMEA DC has resolved to hold an auction with respect to the settlement of standard credit default swaps for
which The Hellenic Republic is the reference entity. To maximise the range of obligations that market participants
may deliver in settlement of any such credit default swaps, the EMEA DC has agreed to run an expedited auction
process such that the auction itself will take place on March 19, 2012. In light of this expedited auction process,
market participants should submit any obligations that they would like to include on the list of deliverable obligations to ISDA as soon as possible
ΕΞΠΡΕΣ
ΠΡΕΖΑ TV
9-3-2012
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