ISDA Committee Discussions on Auction Details to Settle Credit Default Swaps on Argentine Government Debt

The ISDA Determinations Committee may be having difficulty in agreeing on how to set up the auctions to settle outstanding credit default swaps on Argentine government debt. The committee met on Monday with no announcement of the auction details. It will meet again tomorrow. From the ISDA website:

“August 11, 2014: The DC met on Monday August 11, 2014 to discuss the Failure to Pay Credit Event with respect to the Argentine Republic and agreed to convene again on Wednesday August 13, 2014 to continue discussions.”

Update (August 13, 2014). The ISDA Americas Dertimnations Committee has set August 21 as the date of the auction to settle the credit default swaps. There apparently is some uncertainty relating to four yen-denominated notes. See this Reuters article and this from the ISDA website.