Codere CDS default benefited GSO Capital, claims Bloomberg

Friday, October 25, 2013

Codere's late coupon payment benefited senior lender, claims Bloomberg

TAGS: Distressed Default

Comment by: Anonymous. Posted 10 years ago [2013-10-26 11:55:56]

This is outrageous and unethical. I've just read the Bloomberg article to which this item refers. If Codere were a US corporation, I'm confident this conduct would violate securities law (I'm not a lawyer). I support the credit default swap market, but this scandal is the greatest challenge to CDS legitimacy I've seen. I hope ISDA and European regulators take action! Sellers of Codere CDS protection should lead the charge.

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