ISDA: PREPA failure-to-pay credit event occurred; CDS auction ahead

By Wendy Van Sickle

Columbus, Ohio, July 14 – The International Swaps and Derivatives Association, Inc. said its Americas Credit Derivatives Determinations Committee determined that a failure-to-pay credit event has occurred for Puerto Rico Electric Power Authority.

The committee also decided that an auction will be held for PREPA’s outstanding credit default swap transactions.

ISDA said it will publish further information on the auction on its website, www.isda.org/credit, in due course.

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