Caesars CDS decision looms

摘要

A rare external review panel will meet again on Monday to decide whether caesars entertainmententered into technical default in mid-December. ISDA's Credit Determinations Committee ruled that a bankruptcy credit event had occurred on January 15. The initial list of deliverable obligations for an auction that will determine payouts on US$1.3bn net notional in outstanding credit default swaps is due to be published on Monday. However, confirmation of an earlier failure to pay event dating back to December 15 would trigger payout on a swathe of CDS tied to the company's debt that expired on December 20.