On July 9, 2009 the Credit Derivatives Determinations Committee for EMEA resolved that a Failure to Pay Credit Event had occurred in respect of Bradford & Bingley plc. The EMEA Determinations Committee further resolved that auctions would be held in respect of both senior and subordinated debt. This page contains details of the DC Resolutions, auction documentation and other items relating to the auctions for Bradford & Bingley plc.
Further documentation relating to the auction will be added as it becomes available
Event Publicly Available Information:
Factual Background: Please also refer to the factual background in respect of request number 2009061901 raised by Legal and General Investment Management Limited in respect of the same Reference Entity. As mentioned, on 26th May, 2009, Bradford & Bingley plc (B&B) announced that it would not be making any interest payments on the next interest payment dates (June/July 2009). An interest payment date in respect of B&B's LT2 6.625% bonds (Bonds) occurred on 16th June, 2009. The terms of the Bonds provide for a 14 day grace period, which has now passed. Question: Given the factual background, has a Failure to Pay Credit Event occurred in respect of the Bonds (taking into account Sections 4.1 and 4.5 of the Credit Derivatives Definitions)?
| Auction Timeline: | http://www.cdsdeterminationscommittees.org/companies/ISDACreditAuctionTimeline.pdf |
| List of Participating Bidders: | List of Participating Bidders |
| Deliverable Obligations: | Final Lists |
| Bradford & Bingley plc Senior Auction Settlement Terms: | Senior Auction Settlement Terms |
| Bradford & Bingley plc Subordinated Auction Settlement Terms: | Subordinated Auction Settlement Terms |
| Bradford & Bingley plc Blackline Auction Settlement Terms: | Blackline Senior Auction Settlement Terms |
| Bradford & Bingley plc Blackline Subordinated Auction Settlement Terms: | Blackline Subordinate Auction Settlement Terms |
| Related Press Releases: | |