CDS Panel Asked if Sino-Ocean Missed Coupons Trigger Swap Payout

The Credit Derivatives Determinations Committee was asked whether Sino-Ocean’s missed payments on dollar bonds constituted a trigger for the payout of the default swaps underlying the company’s debt, according to a notice on the panel’s website on Friday.

• NOTE: The Chinese builder has been asking its bondholders to accept debt extensions. It said on Aug. 14 that it incurred in an event of default on a dollar note while it was working on obtaining consent from noteholders
  • Sino-Ocean then obtained sufficient consent for the extension of the coupon
• Separately, Sino-Ocean recently won approval from holders of one of its yuan ...