OGX Petroleo e Gas Participacoes S.A.

On November 7, 2013 the Credit Derivatives Determinations Committee for the Americas resolved that a Bankruptcy Credit Event occurred in respect of OGX Petroleo e Gas Participacoes S.A. and that an auction would be held. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for OGX Petroleo e Gas Participacoes S.A..

Further documentation relating to the auction will be added as it becomes available.

November 22, 2013:

DC members have ascertained that the Reference Entity has ceased to be the issuer of the 8.500% Senior Notes due 2018 issued by OGX Petróleo e Gás Participações S.A. (ISIN: USP7356YAA12) (the "2018 Notes") as the result of an issuer substitution, and that the Reference Entity is now a guarantor of the 2018 Notes. DC members have not been able to obtain sufficient documentation to determine whether that guarantee is a Qualifying Guarantee for purposes of the Credit Derivatives Definitions.

The DC resolved that the OGX Auction would extend only to transactions that specify the 2018 Notes as a Reference Obligation.  (Markit CDX LatAm Corp series 18 specifies the 2018 Notes as the Reference Obligation.)

If there are any transactions that do not specify the 2018 Notes as a Reference Obligation, such transactions will not be covered by the Auction. However, the DC may resolve to include such transactions within the scope of the Auction if it can determine that the guarantee of the 2018 Notes by the Reference Entity is a Qualifying Guarantee.

If any person has documentation relating to the 2018 Notes that indicates that the guarantee by the Reference Entity in respect of the 2018 Notes is a Qualifying Guarantee, please provide that documentation as soon as possible to the DC by email to deliverableobligations@isda.org.