Loan only credit default swaps the story so far |
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| Authors: | Bartlam, Martin Artmann, Karin |
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| Affiliation: | *Martin Bartlam (Partner) and Karin Artmann (Senior Associate), Orrick, Herrington & Sutcliffe, London. |
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| Abstract: | The first 150 words of the full text of this article appear below. Key points- The market for Loan Only Credit Default Swaps (LCDS)is expected to develop rapidly, but the market documentationfor this product is proving to be a difficult issue as a resultof differing views by users of the product and divergent approachesbetween the US and European markets.
- The International Swapsand Derivatives Association, Inc. (ISDA) has, on 4 May 2007,released a long-awaited revised draft of the European LCDS.The finalization of this draft is not far off, but certain importantissues are yet to be finalized.
- Rather than speculate on theoutcome of such discussions, this article looks at the developmentof the European LCDS market, the motivation and needs of itsparticipants and takes stock of the European documentation beforeit underwent the recent almost year-long consultation process.It therefore compares the European LCDS of May 2006 againstthe US LCDS of June 2006 (ignoring . . . [Full Text of this Article]
| 1. Introduction | 2. Growth in the underlying–syndicated secured loan market | 3. Factors influencing the decision to hold physical or synthetic positions | Attitudes of new entrants to the credit market Attitudes of banks and new regulatory standards Developing loan indices and service providers The LCDS documentation Motivation of market participants 4. Key documentation issues | Callability/cancelability Restructuring Reference Obligation Deliverable Obligation Substitution of the Reference Entity Substitution of the Reference Obligation or Deliverable Obligation Syndicated Secured Dispute Event and Syndicated Secured Resolution Settlement 5. Conclusion |
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