ISDA launches documentation template for European LCDS index

By Sara Rosenberg

New York, March 12 - The International Swaps and Derivatives Association (ISDA) announced the launch of a documentation template for credit default swaps referencing Markit Group Ltd.'s iTraxx LevX index of European leveraged loans, according to a news release.

The form is primarily intended for use in the European market.

ISDA also announced that it has published a revised version of the single-name documentation template for credit default swaps on leveraged loans. This template has been updated to conform with the index version, providing consistency for those entering into single-name loan CDS trades on reference obligations that are listed in the index.

"Volumes continue to grow in loan CDS, based on standardized documentation produced by ISDA for single-name trading. We believe that the publication of this standard document for index trading will provide the necessary stimulus for further growth in Europe, as publication of the index templates did in the U.S.," said David Geen, general counsel, ISDA, in the release.

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