NEW YORK, Could 12 (Reuters) – The Credit score Derivatives Determinations Committee (DC) accepted on Friday to look right into a query on whether or not a “governmental intervention credit score occasion” occurred with respect to Credit score Suisse .
The DC overlooking Europe should decide specifics of the subordination of Credit score Suisse’s further tier-1 (AT1) bonds, based on the DC web site.
As a part of its takeover by UBS Group AG (UBSG.S), the Swiss regulator determined Credit score Suisse’s AT1 bonds, with a notional worth of $17 billion, can be valued at zero, in a transfer that angered some holders of the debt.
Inquiries to the DC are sometimes raised within the course of to find out whether or not a sure occasion will set off fee of default insurance coverage often known as credit score default swaps.
Reporting by Rodrigo Campos; Modifying by Leslie Adler
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