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ISDA delays Argentina CDS auction until September

Buenos Aires: Plaza de Mayo
David Almeida | Flickr
Buenos Aires: Plaza de Mayo

The International Swaps and Derivatives Association (ISDA) has delayed the auction to settle Argentina's credit default swaps until at least September.

ISDA's 15-member determinations committee voted unanimously Tuesday to postpone the auction until at least after Sept. 2.

The committee on Tuesday began discussing a challenge it received regarding the inclusion of two Japanese-law restructured notes into the list of securities deliverable into the auction. As the challenge needs to be resolved before the auction can

take place, the committee opted to postpone the date of the auction from the originally scheduled August 21.

The auction, run by Creditex and Markit, will determine the payout that holders of protection on Argentine bonds will receive as a result of the sovereign's default on July 30.

—By Reuters