October 14, 2009
ISDA to Publish Auction Terms for NJSC Naftogaz of Ukraine
The International Swaps and Derivatives Association, Inc. (ISDA) announced that its EMEA Credit Derivatives Determinations Committee resolved on October 8 that a failure to pay credit event had occurred in respect of the National Joint Stock Company (NJSC) Naftogaz of Ukraine. Naftogaz, a leading enterprise in Ukraine’s fuel and energy complex, is reported to have failed to repay principal on a $500 million Eurobond that was due on September 30. The Committee also voted to hold an auction for Naftogaz.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.
