διαδικασία πληρωμής τους.
Η απόφαση, την οποία έλαβε η 'International Swaps and Derivatives Association(ISDA), πυροδοτεί την ενεργοποίηση των "ασφαλίστρων κινδύνου", των CDS. Η Διεθνής Ένωση για την Ανταλλαγή Νομίμων Υποχρεώσεων και Παραγώγων (ISDA) χαρακτηρίζει πιστωτικό γεγονός την ανταλλαγή των ελληνικών ομολόγων, που διακρατούν ιδιώτες ομολογιούχοι, λόγω της απόφασης της Αθήνας να ενεργοποιήσει τις ρήτρες συλλογικής δράσης (CAC), υποχρεώνοντας ορισμένους από τους κατόχους να συμμετάσχουν στην απομείωση του ελληνικού χρέους.
Tο ποσό το οποίο περιγράφεται στα " χαρτιά" ως τίμημα των CDS είναι 3,2 δισ.δολάρια. Ο τελικός καθορισμός του ποσού που τελικά θα πληρωθεί θα καθοριστεί με το τέλος των διαπραγματεύσεων σε δημοπρασία στις 19 Μαρτίου.
Η ΨΗΦΟΦΟΡΙΑ:
Date: March 9, 2012
Determinations Committee: EMEA
Meeting Date: March 9, 2012
Issue Number: 2012030901 Has a Restructuring Credit Event occurred with respect to The Hellenic Republic
Question 1. for vote: In accordance with the last sentence of Section 2.4(b) of the DC Rules, does
this DC agree that the first meeting of this DC in respect of Issue No.
2012030901 shall take place on March 9, 2012
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 2. for vote: Is the Credit Event Resolution Request Date (the date on which the DC
Secretary first effectively received both a request to convene the Committee and Publicly Available Information that satisfies the requirements of Section 2.1(b) for the Restructuring Credit Event with respect to The Hellenic
Republic, March 9, 2012(This question is asked to determine the Event Determination Date.)
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 3. for vote: Has a Restructuring Credit Event occurred with respect to The HellenicRepublic
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 4. for vote: Is the date of the Restructuring Credit Event with respect to The Hellenic Republic, March 9, 2012
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 5. for vote: Should an auction be held to settle Relevant Transactions with respect to which a Credit Event Resolution has occurred, in accordance with the terms set out in the form of Credit Derivatives Auction Settlement Terms, with respect to The Hellenic Republic
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 6. for vote: Does this DC agree that the Auction Date should be March 19, 2012, notwithstanding the provisions of Section 3.2(b)(i) of the DC Rules*
Vote result: YES
Votes: 10 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
0 "NO" votes
Question 7. for vote: Does this DC agree that Credit Derivatives Transactions to which “Modified Restructuring Maturity Limitation and Conditionally Transferable Obligation” is specified as applicable in the corresponding Confirmation will not constitute Auction Covered Transactions for the purposes of any auction in respect of this Restructuring Credit Event
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 8. for vote: Does this DC agree to publish the statement as set out in Annex A.
Vote result: YES
Votes: 15 "YES"
votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
Question 9. for vote: Do you agree that the next meeting of this DC will be held at 12.00 noon
London time on Monday March 12, 2012
Vote result: YES
Votes: 15 "YES" votes -
Bank of America Merrill Lynch
Barclays
Credit Suisse
Deutsche Bank AG
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
UBS
BNP Paribas
Societe Generale
Citadel Investment Group LLC
D.E. Shaw Group
BlueMountain Capital
Elliott Management Corporation
PIMCO
0 "NO" votes
* Section 3.2(b)(i) of the DC Rules requires only the votes of Dealer Voting Members for agreeing the Auction Date.
Annex A
EMEA DC Statement
March 9, 2012
In light of today'Αs EMEA Determinations Committee (the EMEA DC) unanimous decision in respect of the potential
Credit Event question relating to The Hellenic Republic (DC Issue 2012030901), the EMEA DC has agreed to publish the following statement:
The EMEA DC resolved that a Restructuring Credit Event has occurred under Section 4.7 of the ISDA 2003 Credit
Derivatives Definitions (as amended by the July 2009 Supplement) (the 2003 Definitions) following the exercise by
The Hellenic Republic of collective action clauses to amend the terms of Greek law governed bonds issued by The
Hellenic Republic (the Affected Bonds) such that the right of all holders of the Affected Bonds to receive payments
has been reduced.
The EMEA DC has resolved to hold an auction with respect to the settlement of standard credit default swaps for
which The Hellenic Republic is the reference entity. To maximise the range of obligations that market participants
may deliver in settlement of any such credit default swaps, the EMEA DC has agreed to run an expedited auction
process such that the auction itself will take place on March 19, 2012. In light of this expedited auction process,
market participants should submit any obligations that they would like to include on the list of deliverable obligations to ISDA as soon as possible
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