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Northern Rock's bad bank triggers CDS restructuring
Tuesday, December 20, 2011
Isda’s determinations committee ruled yesterday that a restructuring credit event has taken place on Northern Rock (Asset Management), the bad bank of the failed UK retail lender. The restructuring under credit default swaps was triggered on 15 December by a change to the original terms of its subordinated debt to allow a buy-back of the notes.
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Structured
Issuers
CFlux secondary
CLO index levels:
| Index | 21 May |
|
| CFlux USD AAA | ↑ | 96.2 |
| CFlux USD AA | ↑ |
88.3 |
| CFlux USD A | ↓ | 84.1 |
| CFlux USD BBB | ↓ | 75.3 |
| CFlux USD BB | ↓ |
74.1 |
| CFlux USD EQ | ↑ | 77.5 |
