Credit Event Advisory- Credit Event declared for Sabine Oil & Gas Corporation

Credit Event Advisory- Credit Event declared for Sabine Oil & Gas Corporation
- - To
  - CDS Market Participants
- - From
  - CME Clearing
- - #
  - 15-151
- - Notice Date
  - 03 June 2015
- - Effective Date
  - 03 June 2015
- The ISDA Determinations Committee has determined that a Failure to Pay Credit Event (“Credit Event”) occurred with respect to Sabine Oil & Gas Corporation (formerly known as Forest Oil Corporation). See the following: <<<https://dc.isda.org/>>>
  
  Sabine Oil & Gas Corporation is referenced in the following CDX North American High Yield Indices:
  
  CDXHY14V8.SR.XR.USD (expires 6/22/15)
  
  CDXHY15V8.SR.XR.USD
  
  CDXHY16V8.SR.XR.USD
  
  CDXHY17V8.SR.XR.USD
  
  CDXHY18V5.SR.XR.USD
  
  CDXHY19V4.SR.XR.USD
  
  CDXHY20V4.SR.XR.USD
  
  CDXHY21V4.SR.XR.USD
  
  CDXHY22V4.SR.XR.USD
  
  CDXHY23V3.SR.XR.USD
  
  CDXHY24.SR.XR.USD
  
  The Event Determination Date is Thursday, May 28, 2015. The number of accrued days between the previous coupon date and the Event Determination Date is 70 days.
  
  Event Determination Date (EDD) – is the date on which the credit event was deemed to have occurred. The Event Determination Date is the key date that drives processing and the economics of the contract.
  
  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.
  
  Additional advisory notices will be published detailing the Auction and Final Processing dates.
  
  If you have questions, please contact the CME Client Services Team at onboarding@cmegroup.com.
  
  Regards,
  
  CME Clearing
  
  For a printer-friendly version of this advisory, please click here.

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