Friday, March 9, 2012

Greek Debt Swap Participation Reaches 85%; Collective Clauses Forced on 95%; Potential "Credit Event"

 So the question now is whether the CDS will finally be triggered. Was this a default or not? ;-)

Bondholders tendered 152B euros of Greek-law bonds, or 85.8%, and 20 billion euros of foreign-law debt. Greece also extended its offer to holders of non-Greek law bonds to March 23, after which the "sweeteners" will no longer be available.

After the collective action clauses are triggered investors with 95.7% of Greece’s privately held bonds will participate in the swap.

 Officials from the International Swaps and Derivatives Association will meet later today to consider a “potential  credit event” relating to Greece.

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