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Ukraine’s sovereign debt freeze to trigger CDS payments

A guy with a jerry can walks close to a petrol station as drivers stay static in line attempting to buy fuel, amid Russia’s invasion of Ukraine, in Kyiv, Ukraine May 11, 2022. REUTERS/Viacheslav Ratynskyi/File Photo

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LONDON, Aug 19 (Reuters) – A panel of investors on Friday determined Ukraine had triggered a restructuring event following a two-year sovereign debt freeze, and a default insurance referred to as Credit Default Swap (CDS) ought to be payed.

The Credit Derivatives Determinations Committee (CDDC) said that its members voted ‘yes’ to a question to find out whether a “Restructuring Credit Event” occurred regarding Ukraine and a CDS auction ought to be held, in accordance with a statement on its website.

The committee still hasn’t chosen the timing of the auction.

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You can find just over $220 million worth of CDS contracts associated with Ukraines debt, in accordance with Depository Trust & Clearing Corporation (DTCC) data.

Bank of America, Goldman Sachs International and JPMorgan Chase Bank are a number of the committee members who voted “yes” to the question.

The country’s international creditors backed the other day Kyiv’s obtain a two-year freeze on almost $20 billion of its sovereign debt. read more

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Reporting by Jorgelina do Rosario; editing by Rodrigo Campos and Toby Chopra

Our Standards: The Thomson Reuters Trust Principles.

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