English
French
German
Italian
Russian
Spanish
CDS panel asked whether payment failure occurred for Casino
CDS panel asked whether payment failure occurred for Casino By Reuters
Breaking News
‘;
Published Jun 02, 2023 08:03AM ET
Updated Jun 02, 2023 05:32PM ET
(C) Reuters. FILE PHOTO: The logo of Casino supermarket is pictured in Cannes, November 9, 2019. REUTERS/Eric Gaillard/File Photo
(Reuters) – An investor has asked a panel that rules on credit default swaps (CDS) whether a “failure to pay” credit event has occurred for French retailer Casino, which could trigger a payout on the derivatives used to insure against default.
The request, viewable on the EMEA Credit Derivatives Determination Committee’s (CDDC) website, comes on top of a separate investor question on whether a “bankruptcy credit event” has occurred at the French supermarket group that was raised earlier in the week.
A CDDC meeting on that question, which could also lead to a payout on CDS, is scheduled for later on Friday.
Casino said on May 26 it had entered court-backed talks with creditors after receiving consent from them to open the court process without triggering an event of default under the terms of its debt.
A number of circumstances can constitute a credit event that can trigger a payout on CDS, which insure against losses from exposure to corporate or sovereign debt.
There were $428 million of net notional Casino CDS outstanding as of May 19, according to DTCC data.
Credit rating agency Moody’s (NYSE:MCO) said on Wednesday it had downgraded Casino to “CAA3” with a negative outlook which reflected “very high probability of default”.
CDS panel asked whether payment failure occurred for Casino
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
(C) 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
