Skip Navigation


Capital Markets Law Journal Advance Access originally published online on October 17, 2007
Capital Markets Law Journal 2007 2(4):414-426; doi:10.1093/cmlj/kmm031
This Article
Right arrow Full Text
Right arrow Full Text (PDF)
Right arrow All Versions of this Article:
2/4/414    most recent
kmm031v1
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Similar articles in this journal
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Bartlam, M.
Right arrow Articles by Artmann, K.
Right arrow Search for Related Content
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

© The Author (2007). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Loan only credit default swaps—the new European standard form

Martin Bartlam and Karin Artmann*
* Martin Bartlam (Partner) and Karin Artmann (Senior Associate), Orrick, Herrington & Sutcliffe, London.

The first 150 words of the full text of this article appear below.


Key points

  • European Loan Only Credit Default Swap (‘LCDS’) documentation was published by the International Swaps & Derivatives Association, Inc. in the form of a Standard Terms Supplement and Form of Confirmation for use with Credit Derivative Transactions on Leveraged Loans on 30 July 2007 (the ‘European LCDS’).
  • This article reviews some of the changes that have been made since the first circulation of the draft European LCDS documentation on 2 May 2006 (the ‘Draft LCDS’).
  • A comparison between the Draft LCDS, the current form of the European LCDS and the US LCDS (defined in the article below) provides an insight into how the development of the European LCDS has required a compromise to be made between the needs and demands of various market participants and the specifics of the European leveraged loan market (as more fully described in our recent article1) and indicates points of convergence between the . . . [Full Text of this Article]

 

   1. General
 

   2. What has remained unchanged?
 
Reference Obligation-based
Reference Entity
Deliverable Obligations
Restructuring as Credit Event
Physical Settlement
Cancellability

   3. What has changed?
 
Continuity
Refinancing
Refinancing
Designation of the Successor Credit Agreement
Designation of Substitute Reference Obligation
Credit Events and Restructuring
Settlement
Physical Settlement
Cash Settlement
Deliverable Obligations

   4. Summary
 

Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?