Closed
12/04/2018 12:20pm EST
Final Auction Terms Published
2018 BANCO POPULAR ESPAÑOL, S.A. 2014 SUBORDINATED CREDIT DERIVATIVES AUCTION SETTLEMENT TERMS
DC Decision September 5th, 2018
9/05/2018 05:30pm EDT
Ongoing
DC Decision August 28, 2018
DC Statement - August 28, 2018
Draft Auction Settlement Terms
8/28/2018 12:35pm EDT
Ongoing
DC Decision August 14, 2018
DC Statement - August 14, 2018
8/14/2018 05:05pm EDT
Ongoing
DC Decision June 14, 2018
EMEA DC Statement - June 14, 2018
The EMEA DC met on 12 June 2018 to continue discussions in relation to Novo Banco S.A. and Banco Popular Español S.A.
In relation to Banco Popular Español S.A., the EMEA DC is aware that an announcement was published by the Single Resolution Board (SRB ) on 13 June 2018 (which can be accessed here
In relation to Novo Banco S.A., the EMEA DC will reconvene in due course to continue discussions.
6/14/2018 05:05pm EDT
Ongoing
DC Decision 12052017
EMEA DC STATEMENT 5 DECEMBER 2017
In line with the EMEA DC Statement of 25 August 2017 (See DC Statement 250817 ), the EMEA DC met on Friday 1 December 2017 to assess recent developments regarding the timing for the publication of the valuation required by Article 20.16 of the SRM Regulation (the Article 20.16 Valuation ) following the bail-in of Tier 2 subordinated debt instruments issued or guaranteed by Banco Popular Español SA (Banco Popular ) on 7 June 2017. The EMEA DC agreed to publish the following statement. Terms used but not defined herein have the meaning specified in the 2014 ISDA Credit Derivatives Definitions (the 2014 Definitions ) or the ISDA Credit Derivatives Determinations Committee Rules (January 20, 2016 Version) (the DC Rules ), as applicable.
Based on recent reports in the Spanish media, the DC understands that the Article 20.16 Valuation will be completed and published in the first quarter of 2018. In light of this new information, the DC continues to be of the view that it should wait until the publication of the Article 20.16 Valuation before making a determination in respect of the value of the Asset Package for purposes of settling triggered subordinated 2014 Transactions referencing Banco Popular.
The EMEA DC will continue to assess the situation and will meet from time to time if required to consider any material developments pending the anticipated publication of the Article 20.16 Valuation during the first quarter of 2018.
12/05/2017 05:05pm EST
Ongoing
October 10, 2017 : The EMEA DC met on 9 October 2017 to assess recent developments and decided to reconvene in due course pending new information that may indicate when the Banco Popular Español SA valuation in accordance with Article 20.16 of the SRM Regulation may become available.
10/10/2017 10:05am EDT
Ongoing
October 4, 2017 : At present, the EMEA DC is not aware of a valuation having been conducted in accordance with Article 20.16 of the SRM Regulation following the bail-in of Tier 2 subordinated debt instruments issued or guaranteed by Banco Popular Español SA. However in line with the DC statement 25 August 2017 , the EMEA DC has agreed to reconvene on Monday 9 October 2017 to assess the situation and consider any material developments.
10/04/2017 09:20pm EDT
Final Auction Terms Published
September 28, 2017 : The DC met today to discuss whether one or more Auctions should be held to settle the groups of Triggered Transactions in respect of the various Maturity Buckets for Banco Popular Español SA and resolved to hold an Auction in respect of each of the 2.5 year and 5 year Maturity Buckets for Updated 2003 Transactions (both Senior and Subordinated) (i.e. Buckets 1 and 2 in the Maturity Buckets Note published on the DC Website: https://www.cdsdeterminationscommittees.org/documents/2017/09/banco-popular-2003-maturity-buckets-note.pdf). The DC also discussed the Auction Settlement Terms for Banco Popular Español SA and agreed to publish the final form of the 2017 Banco Popular Español SA Updated 2003 Credit Derivatives Auction Settlement Terms. In doing so, the DC considered the liquidity of the only Permissible Deliverable Obligation capable of settling Triggered Transactions in respect of the 2.5 year Maturity Bucket and given the notional size of that Permissible Deliverable Obligation, the DC agreed to amend the Supplemental Auction Terms such that, the Initial Market Quotation Amount for the 2.5 year Maturity Bucket will be EUR 500,000 and the Initial Market Quotation Amount for the 5 year bucket will be EUR 1,000,000.
DC Decision 28092017
2017 Banco Popular Español SA Updated 2003 Credit Derivatives Auction Settlement Terms
2017 Banco Popular Español SA Updated 2003 Credit Derivatives Auction Settlement Terms (blacklined against previous draft published on 7 September 2017)
Final Maturity Buckets Note
Final Maturity Buckets Note (blacklined against previous draft published on 7 September 2017)
9/28/2017 07:15pm EDT
Ongoing
September 28, 2017: In accordance with the Relevant Transaction and Triggered Transaction Data Guidelines, DTCC has informed the Convened DC that the Triggered Transaction 300/5 Criteria have been satisfied with respect to the group of 2003 Transactions (Senior and Subordinated Transactions for which the same Permissible Deliverable Obligations apply) falling in the 2.5 year maturity bucket, i.e. Bucket 1 as defined in the List of Maturity Buckets and Range of Scheduled Termination Dates published on the DC website (https://www.cdsdeterminationscommittees.org/documents/2017/09/banco-popular-2003-maturity-buckets-note.pdf). As such, in accordance with Section 3.4(b) of the ISDA DC Rules, Credit Derivatives Auction Settlement Terms will be published, pursuant to which such 2003 Transactions (Senior and Subordinated Transactions) falling in the 2.5 year maturity bucket will be Auction Covered Transactions.
9/28/2017 08:35am EDT
Final List Published
Auctions in respect of Updated 2003 Transactions (senior and subordinated)
Final List
9/20/2017 07:35pm EDT
Ongoing
DC Decision 09152017
DC Statement 09152017
9/15/2017 05:35pm EDT
Supplemental List Published
Auctions in respect of Updated 2003 Transactions (senior and subordinated)
Supplemental List
9/11/2017 07:10pm EDT
Draft Auction Terms Published
Auctions in respect of Updated 2003 Transactions (senior and subordinated)
DRAFT FORM - Auction Settlement Terms for Banco Popular Español SA (Issue number 2017060702)
DRAFT Auction Settlement Terms for Banco Popular Español SA (Issue number 2017060702) blacklined against Auction Settlement Terms for 2013 SNS Bank NV Auction Settlement Terms
DC Decision 09072017
9/07/2017 09:10pm EDT
Initial List Published
Auctions in respect of Updated 2003 Transactions (senior and subordinated)
Initial List
DC Statement 7 September 2017 - Auction expectations
Maturity Buckets Note (DRAFT FORM)
EMEA DC Decision 09072017
9/07/2017 08:45pm EDT
Ongoing
August 30, 2017 : The EMEA DC met today to discuss the draft Auction Settlement Terms for the Banco Popular Español SA Auction (in respect of the Updated 2003 Transactions only) and the Norske Skogindustrier ASA Auction (in respect of the 2014 Transactions only) respectively and agreed to reconvene in due course to continue discussion.
8/30/2017 05:05pm EDT
Ongoing
EMEA DC Statement 25082017
8/23/2017 01:30pm EDT
Ongoing
August 22, 2017: The EMEA DC met today to continue its discussion on auction-related matters with respect to Banco Popular Español SA and agreed to reconvene tomorrow, August 23, to continue discussion.
8/22/2017 06:00pm EDT
Ongoing
August 18, 2017: The EMEA DC met today to continue its discussions on auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on Tuesday, August 22, to continue discussions.
8/18/2017 02:40pm EDT
Ongoing
August 10, 2017: The EMEA DC discussed auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on Friday, August 18, to continue discussion.
8/10/2017 03:10pm EDT
Ongoing
August 3, 2017: The EMEA DC discussed auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on Thursday, August 10, to continue discussion.
8/03/2017 03:05pm EDT
Ongoing
EMEA DC Decision 07062017
DC Statement and Request for Market Feedback
7/06/2017 04:05pm EDT
Ongoing
July 3, 2017 : The DC met to continue discussions on auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on a date to be determined by the DC Secretary to continue discussions in due course.
EMEA DC Decision 07032017
7/03/2017 05:35pm EDT
Ongoing
June 29, 2017 : The DC met to continue discussions on auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on Monday 3 July 2017 to continue discussions.
6/29/2017 02:55pm EDT
Ongoing
EMEA DC Decision 06222017
June 22, 2017 : The EMEA DC met today and decided to reconvene on Thursday 29 June, in order to allow more time for further consideration of issues related to an Auction for Banco Popular Español SA.
6/22/2017 01:25pm EDT
Ongoing
June 16, 2017: The EMEA DC discussed auction-related matters with respect to Banco Popular Español SA and agreed to reconvene on Thursday, June 22, to continue discussion.
6/16/2017 02:45pm EDT
Ongoing
EMEA DC Decision 06122017
June 12, 2017 : The EMEA DC met today to commence discussions on auction-related matters and resolved to reconvene on Friday 16 June or an earlier date to continue discussions, with a view to gather and consider any new information necessary for the determination of (1) any potential Deliverable Obligations (for the purposes of transactions entered into using the 2003 ISDA Credit Derivatives Definitions which are subject to the Small Bang Protocol or which otherwise incorporate the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement) and (2) an Asset Package in relation to any Prior Deliverable Obligations (for the purposes of transactions entered into using the 2014 ISDA Credit Derivatives Definitions).
6/12/2017 01:35pm EDT
Ongoing
EMEA DC Decision 06092017
EMEA DC Meeting Statement 9 June 2017
6/09/2017 06:45pm EDT
Request Accepted by DC
6/08/2017 10:10am EDT
Pending DC Consent
6/07/2017 04:25pm EDT
