Closed
DC Decision
EMEA DC Statement - 27 March 2023
The EMEA DC notes that the Reference Entity has issued Zero Coupon Notes (XS2325742166/ US37443GAK76). The EMEA DC has not reviewed the debt of the Reference Entity for deliverability and market participants are responsible for such exercise. In relation to a zero coupon note, the Outstanding Principal Balance should be calculated by reference to the terms of such note – in this case, the relevant amount is the Amortised Face Amount as determined under Condition 7.4 of the relevant Zero Coupon Notes. The terms of the Zero Coupon Notes are set out in the Final Terms and Base Offering Circular (available on the London Stock Exchange website).
3/27/2023 11:25am EDT
Ongoing
DC Decision
EMEA DC Statement - 10 March 2023
As the Relevant Transaction 300/5 Criteria were not satisfied in respect of 2014 Transactions in respect of the Republic of Ghana (the Reference Entity ), the EMEA DC determined whether or not an Auction should be held to settle 2014 Transactions in respect of the Reference Entity.
The EMEA DC determined that no Auction will be held to settle 2014 Transactions relating to the Reference Entity and accordingly no Transaction Auction Settlement Terms will be published. 10 March 2023 (being the date the decision was announced by the DC Secretary) is the “No Auction Announcement Date” for the purposes of Section 6.11 of the 2014 Definitions.
In relation to Physical Settlement for Standard Emerging European & Middle Eastern Sovereign Transactions in respect of the Reference Entity, the NOPS Cut-off Date can be calculated in accordance with Section 8.10(b)(i) and Section 1.53 of the 2014 Definitions.
3/10/2023 11:45am EST
Ongoing
DC Decision
EMEA DC Meeting Statement – 3 March 2023
The EMEA DC met on Monday 27 February 2023 to discuss whether (i) a Failure to Pay Credit Event and (ii) a Repudiation/Moratorium Credit Event had occurred with respect to the Republic of Ghana (the Reference Entity ) due to the non-payment of the Reference Entity’s obligations under its USD1,000,000,000 8.125 per cent. Amortising Notes due 2026 (the 2026 Notes ). The EMEA DC noted that it had previously reviewed a Potential Repudiation/Moratorium question with respect to the Reference Entity (issue number 2022122001) and determined that a Potential Repudiation/Moratorium had occurred with respect to the Reference Entity on 19 December 2022. In this regard, the EMEA DC refers to its Meeting Statement of 25 January 2023 (the January Meeting Statement ) which is available here: https://www.cdsdeterminationscommittees.org/documents/2023/01/emea-dc-republic-of-ghana-meeting-statement-25-january-2023.pdf/ .
As noted at paragraph 4.4 of the January Meeting Statement, the EMEA DC determined that the 2026 Notes were Obligations of the Reference Entity. The EMEA DC further noted that the interest payment on the 2026 Notes became due on 18 January 2023 and had a grace period with respect to it of 30 calendar days. Such grace period would have expired immediately prior to midnight on 17 February 2023.
Based on public information, the EMEA DC determined that the Reference Entity had failed to make payments within the applicable Grace Period in respect of such Obligation for the purposes of the Failure to Pay Credit Event and the Repudiation/Moratorium Credit Event. Such failure (i) was in excess of the Payment Requirement for the purposes of the Failure to Pay Credit Event, and (ii) occurred on or prior to the Repudiation/Moratorium Evaluation Date for the purposes of the Repudiation/Moratorium Credit Event.
Accordingly, the EMEA DC concluded that (i) a Failure to Pay Credit Event and (ii) a Repudiation/Moratorium Credit Event had occurred with respect to the Reference Entity and the date of each such Credit Event was 17 February 2023.
The EMEA DC will meet again in due course to discuss settlement of 2014 Transactions in respect of the Reference Entity.
3/03/2023 09:15am EST
Request Accepted by DC
2/24/2023 11:30am EST
Pending DC Consent
2/24/2023 08:50am EST
