The International Swaps and Derivatives Association yesterday said that it has determined that a failure to pay credit event occurred in respect to Puerto Rico missing bond payments of more than $900 million earlier this month, Reuters reported. ISDA said that the judgment was made by its Americas Credit Derivatives Determinations Committee and that it will publish additional information on the Puerto Rico credit event, including whether a credit default swaps auction will be held, "in due course." Read more.
For more news and analysis of Puerto Rico's debt crisis, be sure to visit ABI's "Puerto Rico in Distress" webpage.
