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Credit derivatives terminology

By Vinod Kothari

   

 

Credit event:  The event or events specified in the credit derivative transaction based on which the protection seller will be required to make credit event payment to the protection buyer. The credit events are defined in the credit derivative agreement. ISDA’s standard documentation includes the following credit events which parties may choose from, at their discretion: bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation or moratorium and restructuring. Credit events are not necessarily limited to the commercial understanding of a default - see default.

 

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