Closed
12/04/2018 12:15pm EST
Final Auction Terms Published
DC Decision November 16, 2018
DC Statement November 1, 2018 as updated on November 16, 2018
DC Statement November 1, 2018 as updated on November 16, 2018 (redline against DC Statement November 1, 2018)
Auction Settlement Terms for the deemed Auction in respect of Senior SRO Transactions
Auction Settlement Terms for the deemed Auction in respect of Senior SRO Transactions (redline against Draft Auction Settlement Terms for the deemed Auction in respect of Senior SRO Transactions)
EMEA DC Statement November 16, 2018:
The DC has resolved:here .
11/16/2018 02:50pm EST
Ongoing
DC Decision November 14, 2018
EMEA DC Statement November 14, 2018:
The EMEA DC met on November 13, 2018 to continue auction-related discussions in relation to Novo Banco S.A. and Astaldi S.p.A.
In relation to Astaldi S.p.A., the EMEA DC agreed to publish a draft form of the 2018 Astaldi S.p.A. Credit Derivatives Auction Settlement Terms today, 14 November 2018. Market participants should note that the public comment period will end at 5:00p.m. London time on Wednesday 21 November 2018. In addition, the EMEA DC agreed to hold the Auction on Thursday 29 November 2018.
In relation to Novo Banco S.A., the EMEA DC will publish a further update in due course.
11/14/2018 03:00pm EST
Final List Published
Final List November 9, 2018
November 9, 2018 : Pursuant to the DC Statement on November 1, 2018 , the Final List in respect of senior 2014 Transactions referencing the Senior SRO for Novo Banco, S.A. (with ISIN XS0772553037) has been published today. Accordingly, the Exercise Cut-Off Date applicable to Seller will occur on Tuesday 13 November 2018 and the Exercise Cut-Off Date applicable to Buyer will occur on Friday 16 November 2018. Please refer to the DC Statement on November 1, 2018 for further details.
11/09/2018 01:25pm EST
Ongoing
Supplemental List Published
11/05/2018 03:00pm EST
Ongoing
DC Decision November 1, 2018
DC Statement November 1, 2018
Initial List November 1, 2018
11/01/2018 03:20pm EDT
Ongoing
Further to the DC Statement of 17 October 2018 (see here ), the tentative timetable set out therein for the deemed Auction in respect of Senior SRO 2014 Transactions has been delayed pending DC consideration of certain settlement-related issues. The DC will publish a further update to the market with a revised timetable for the settlement of Senior SRO 2014 Transactions shortly.
10/29/2018 04:30am EDT
Ongoing
DC Decision October 17, 2018
DC Statement October 17, 2018
10/17/2018 12:50pm EDT
Ongoing
DC Decision June 14, 2018
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
May 9, 2018 : The NB Auction/Settlement Timetable for Non-SRO Transactions has been amended to clarify that the deadline for delivery by Buyer of a Notice of Physical Settlement to Seller with respect to Category 5 transactions and the NOPS Cut-off Date with respect to Category 2 transactions (sub-category A) is today, Wednesday 9 May 2018 (rather than Friday 9 May 2018), being the date that is 30 calendar days from the No Auction Announcement Date with respect to Category 5 transactions and Category 2 transactions (sub-category A).
5/09/2018 02:20pm EDT
Final Auction Terms Published
DC Decision April 16, 2018
Auction Settlement Terms for Non-Senior SRO Transactions published:
Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions)
Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions) (redlined against the Monte dei Paschi 2014 CDD Auction Settlement Terms)
DC statement updated as of April 16, 2018:
NB Auction/Settlement Timetable for Non-Senior SRO Transactions – March 23, 2018, updated as of March 27, 2018 and April 16, 2018
Redline NB Auction/Settlement Timetable for Non-Senior SRO Transactions – 16 April 2018 version against 27 March 2018 version
April 16, 2018: Pursuant to the DC resolution on 16 April 2018 , the DC has resolved to hold a combined Auction to settle any Triggered Transactions in respect of 2003 Bucket 4 (Category 4 transactions) and 2014 Subordinated Bucket 4 (Category 3 and Category 2 (sub-category B) transactions). Accordingly, pursuant to the DC resolution on 27 March 2018 , today is the No Auction Announcement Date with respect to any Triggered Transactions falling into 2003 Buckets 2 or 3 (Category 4 transactions) and 2014 Subordinated Buckets 2 or 3 (Category 3 and Category 2 (sub-category B) transactions). Such transactions will be subject to the Fallback Settlement Method, unless the Seller validly exercises the Movement Option on or prior to the applicable Movement Option Cut-off Date.
The Auction Settlement Terms for the deemed Auction in respect of 2003 Bucket 1 (Category 4 transactions) and 2014 Subordinated Bucket 1 (Category 3 and Category 2 (sub-category B) transactions) and the actual Auction in respect of 2003 Bucket 4 (Category 4 transactions) and 2014 Subordinated Bucket 4 (Category 3 and Category 2 (sub-category B) transactions) have been published today.
Please refer to the DC statement updated as of 16 April 2018 for further details on the above.
In accordance with Section 3.4(b) of the DC Rules, the cumulative Triggered Transaction Data provided by DTCC in respect of Category 4 transactions has been published today.
4/16/2018 04:05pm EDT
Final List Published
Final List
April 13, 2018: Pursuant to the DC resolution on 27 March 2018 , the Final List for the purposes of Category 3 transactions and Category 2, sub-category B transactions (other than Excluded Category 2 Transactions) has been published today. Accordingly, the Exercise Cut-Off Date applicable to Seller will occur on Tuesday 17 April 2018 and the Exercise Cut-Off Date applicable to Buyer will occur on Friday 20 April 2018, in either case in relation to these transactions. Please refer to the DC statement updated as of 27 March 2018 for further details.”
4/13/2018 05:30pm EDT
Ongoing
April 9, 2018: Pursuant to the DC resolution on 27 March 2018 , today is the No Auction Announcement with respect to Category 5 transactions and Category 2 transactions (sub-category A) (in each case, as identified in the DC statement on 15 December 2017 ). Please refer to the DC statement updated as of 27 March 2018 for further details on the settlement timetable for these trades
4/09/2018 04:15pm EDT
Final List Published
April 6, 2018: Pursuant to the DC resolution on 27 March 2018 , the Final List for the purposes of Category 4 transactions (as identified in the DC statement on 15 December 2017 ) has been published today. Accordingly, the Exercise Cut-Off Date applicable to Seller will occur on Tuesday 10 April 2018 and the Exercise Cut-Off Date applicable to Buyer will occur on Friday 13 April 2018. Please refer to the DC statement updated as of 27 March 2018 for further details.
4/06/2018 04:50pm EDT
Supplemental List Published
Supplemental List
3/29/2018 01:25pm EDT
Initial List Published
Initial List
3/27/2018 05:25pm EDT
Ongoing
DC Decision March 27, 2018
Draft Auction Terms Published:
DRAFT Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions)(redlined against 26 January 2018 draft)
DRAFT Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions) (redline against the Monte dei Paschi 2014 CDD AST)
EMEA DC Statement March 27, 2018:
NB Auction/Settlement Timetable for Non-SRO Transactions – March 23, 2018, updated as of March 27, 2018
Redline NB Auction/Settlement Timetable for Non-SRO Transactions – 27 March 2018 version against 23 March 2018
3/27/2018 05:20pm EDT
Ongoing
DC Statement March 23, 2018
DC Decision March 23, 2018
3/23/2018 04:35pm EDT
Ongoing
EMEA DC Statement February 13, 2018:
The EMEA DC met on 13 February 2018 to continue discussions on Novo Banco S.A. The EMEA DC will reconvene in due course to continue discussions
2/14/2018 10:45am EST
Ongoing
DC Decision 26012018
DC Statement 26012018
Preliminary Lists:
Deemed Auction(s) in respect of the senior 2014 TransactionsPreliminary List Preliminary List
Draft Auction Terms Published:
Draft Auction Settlement Terms for the deemed Auction in respect of 2014 Transactions (senior SRO transactions only)
Draft Auction Settlement Terms for the deemed Auction in respect of 2014 Transactions (senior SRO transactions only) (redline against the 2017 Monte dei Paschi 2014 CDD AST)
DRAFT Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions)
DRAFT Auction Settlement Terms for the Auction(s) (deemed or actual) in respect of 2014 Transactions (senior non-SRO and subordinated transactions) and Updated 2003 Transactions (senior and subordinated transactions) (redline against the Monte dei Paschi 2014 CDD AST)
1/26/2018 03:20pm EST
Ongoing
DC Decision 15122017
DC Statement 15 December 2017 - Auction/Settlement Expectation
12/15/2017 11:20am EST
Preliminary List Published
Deemed Auction(s) in respect of the senior 2014 TransactionsPreliminary List Preliminary List Preliminary List DC Statement 15 December 2017 - Auction/Settlement Expectation
12/15/2017 10:30am EST
Ongoing
EMEA DC Statement 11 December, 2017: The EMEA DC met on 11 December 2017 to continue discussions on auction-related matters in relation to Novo Banco S.A. and decided to reconvene in due course to continue discussions.
12/11/2017 02:25pm EST
Ongoing
EMEA DC Statement 29 November, 2017 : The EMEA DC met on 29 November 2017 to assess recent developments on auction-related matters with Novo Banco S.A. and decided to reconvene next week to continue discussions.
11/29/2017 04:25pm EST
Ongoing
DC Decision 11292017
EMEA DC Statement 11292017
11/29/2017 02:50pm EST
Ongoing
List of Potential Deliverable Obligations 11202017
11/20/2017 12:15pm EST
Ongoing
DC Decision 11132017
EMEA DC Statement 13 November 2017
Further to the EMEA DC statement published on 6 November 2017 and the decision to hold potentially one or more Auctions to settle the Updated 2003 Transactions and 2014 Transactions (in each case, both senior and subordinated transactions) referencing Novo Banco S.A. (NB ) pursuant to which a Restructuring Credit Event Resolution has occurred in respect of NB, the EMEA DC met on 10 November 2017 to continue discussions as to whether a separate auction should be held in respect of Updated 2003 Transactions referencing NB and specifying the bond with ISIN PTBEQKOM0019 (which, following the decision of the Board of Directors of the Bank of Portugal on 29 December 2015 to order the re-transfer of certain senior bonds from NB to Banco Espírito Santo, S.A. (BES ), became an obligation of BES as of 29 December 2015 and has not yet been redeemed) as the Reference Obligation (the NB Trades with BES Ref Ob ). The EMEA DC has subsequently Resolved that no separate Auction will be held in respect of such NB Trades with BES Ref Ob.
Accordingly, with respect to the NB Trades with BES Ref Ob, 13 November 2017 is the No Auction Announcement Date for the purposes of 1.26 of the Updated 2003 Definitions and the Exercise Cut-off Date is 4 December 2017 (i.e. the date that is 21 calendar days following the No Auction Announcement Date). Parties to the NB Trades with BES Ref Ob shall perform their respective obligations in accordance with the Fallback Settlement Method, provided the relevant Notifying Party delivers a Credit Event Notice on or prior to the Exercise Cut-off Date .
The EMEA DC is intending to publish additional information, in due course, to faciliate the settlement of those NB Trades with BES Ref Ob subject to Physical Settlement as the Fallback Settlement Method.
Capitalised terms otherwise used but not defined in this statement have the meaning given to them in the 2016 Credit Derivatives Determinations Committees Rules (January 20, 2016 version) and the Updated 2003 Definitions.
11/13/2017 04:35pm EST
Ongoing
DC Decision 11102017
11/10/2017 03:45pm EST
Ongoing
DC Decision 11032017
EMEA DC STATEMENT 6 NOVEMBER 2017
The EMEA DC met on 3 November 2017 to continue discussions on Auction-related matters with respect to Novo Banco S.A. (the Reference Entity or NB ) and resolved potentially to hold one or more auctions in respect of the Updated 2003 Transactions and 2014 Transactions (in each case, both senior and subordinated transactions) referencing NB pursuant to the occurrence of a Restructuring Credit Event in respect of NB under the Updated 2003 Definitions and 2014 Definitions, respectively.
The EMEA DC wished to clarify that, further to the decision of the EMEA DC on 23 October 2017, the decision to potentially hold one or more auctions in respect of the Updated 2003 Transactions referencing NB does not include any such Updated 2003 Transactions which specify the bond with ISIN PTBEQKOM0019 (which became an obligation of Banco Espirito Santo S.A. (BES ) as of 29 December 2015 and has not yet been redeemed) as the Reference Obligation or any other obligation of BES which has not been redeemed as the Reference Obligation.[1] The EMEA DC is considering whether to hold a separate auction in respect of such Updated 2003 Transactions and decided to reconvene in due course to continue such discussion.
Capitalised terms otherwise used but not defined in this statement have the meaning given to them in the 2016 Credit Derivatives Determinations Committees Rules (January 20, 2016 version) (including in the Updated 2003 Definitions, as defined therein).
[1] For further background on the discussion relating to Updated 2003 Transactions referencing the bond with ISIN PTBEQKOM0019, including copies of the DC decision and statement on 23 October 2017, see EMEA DC Issue Number 2017100402: https://www.cdsdeterminationscommittees.org/cds/novo-banco-s-a-4/
11/06/2017 10:45am EST
Ongoing
DC Statement 10182017
10/18/2017 05:20pm EDT
Ongoing
October 13, 2017 : The EMEA DC met on 12 October 2017 to discuss the DC questions submitted in respect of Novo Banco S.A. and decided to reconvene in due course to continue discussion.
10/13/2017 11:45am EDT
Ongoing
October 10, 2017 : The EMEA DC met on 9 October 2017 to discuss the DC questions submitted in respect of Novo Banco S.A. and agreed to reconvene on Thursday 12 October 2017 to continue discussion.
10/10/2017 10:10am EDT
Ongoing
DC Decision 10052017
October 6, 2017 : The EMEA DC met on 5 October 2017 to discuss the DC Question submitted with respect to Novo Banco S.A. (DC Issue Number 2017100401) and Resolved that, for the purposes of transactions entered into using the 2003 ISDA Credit Derivatives Definitions (the 2003 Definitions ) and 2014 ISDA Credit Derivatives Definitions (the 2014 Definitions ), a Restructuring Credit Event has occurred with respect to Novo Banco S.A. and the date of the Restructuring Credit Event is 4 October 2017. This is as a result of the announcement by Novo Banco S.A. on 4 October 2017 that (i) the conditions set out in the Tender Offer and Solicitation Memorandum dated 24 July 2017 and the Portuguese Offer Memorandum dated 24 July 2017 had been met, (ii) Novo Banco S.A. had accepted all valid tenders made by holders of certain series of outstanding securities issued or guaranteed by Novo Banco S.A. (the Securities ) for the purchase by Novo Banco S.A. of any or all such Securities and (iii) certain modifications to the terms and conditions of the Securities to provide for early redemption by the relevant issuer had been approved by extraordinary resolution.
The EMEA DC agreed to reconvene on Monday 9 October 2017 to consider information necessary for the determination of (1) any potential Deliverable Obligations (for the purposes of transactions entered into using the 2003 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 Definitions).
10/05/2017 04:10pm EDT
Request Accepted by DC
10/04/2017 04:35pm EDT
Pending DC Consent
10/04/2017 02:50pm EDT
