• Credit Event Advisory- Credit Event declared for Eastman Kodak Company

      • To
      • Clearing Member Firms
      • From
      • CME Clearing
      • #
      • 12-027
      • Notice Date
      • 20 January 2012
      • Effective Date
      • 20 January 2012

    • The ISDA Determinations Committee has determined that a Bankruptcy Credit Event occurred with respect to Eastman Kodak Company. See the following:  <<< http://www.isda.org/credit/>>>.  The Event Determination Date is January 19th, 2012 and the number of days that CME Clearing will use to calculate the coupon payment will be 31 days.

       

      The Eastman Kodak Company is referenced in the following CME cleared CDX North American High Yield Indices:

      CDXHY11V19.SR.XR.USD

      CDXHY12V10.SR.XR.USD

      CDXHY13V4.SR.XR.USD

      CDXHY14V3.SR.XR.USD

      CDXHY15V3.SR.XR.USD

      CDXHY16V3.SR.XR.USD

      CDXHY17V3.SR.XR.USD

       

      The initial processing date for this credit event will be January 20th, 2012.

       

      Note: Since CME Clearing only offers index contracts there will be no single-name contract affected by this Credit Event, nor will there be a recovery swap made available for clearing on this single name.

       

      Another advisory notice will be published detailing next steps in the settlement process and re-versioning of the affected indices.

       

      Please contact onboarding@cmegroup.com with any questions regarding this update.

       

      Regards,

      CME Clearing

      12-027

      Click here for a copy of the full text

       

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