Event Publicly Available Information:
The Eligible Market Participant that submitted the DC Question requested that the DC consider whether a Failure to Pay Credit Event has occurred in respect a bond of the Reference Entity with ISIN XS0493540297 that was due on Monday 9 March 2020.
The Eligible Market Participant submitted the following supporting information in respect of the DC Question:
Press Release from the Republic of Lebanon Ministry of Finance
Information posted on Elmarada.org
A Bloomberg Article available through Bloomberg with the headline “Lebanon defaults on First-Ever Bond as Grace Period Expires”
The Meeting Statement explaining the DC Decision in respect of the DC Question is available below.
| Timeline | Auction Date: 23 April 2020. Event Determination Date: 19 March 2020 for 2014 Transactions and Updated 2003 Transactions which have as a Reference Obligation a bond that ranks pari passu with the Reference Entity’s 6.375% US$1,200,000,000 bond due 9 March 2020 (the Defaulted Bond) (noting that this includes the Reference Entity’s obligations with ISINs XS0629509943 and XS1313675974, each of which ranks pari passu with the Defaulted Bond) |
| Auction Settlement Terms | Final Auction Settlement Terms Key Timeline: 5.00pm London time on Wednesday 22 April 2020: deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder. Thursday 23 April 2020 : Auction Date. 4.00pm London time on Friday 24 April 2020: deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction–Settled Transactions. Tuesday 28 April 2020: Auction Settlement Date. 4.00pm London time on Monday 27 April 2020: deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction–Settled Transactions. Physical Settlement Dates in respect of any Representative Auction–Settled Transactions:
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