DTCC Confirms Greek CDS Trading
The trading of credit-dafault swaps associated with Greek governmental bonds was announced by the Depository Trust & Clearing Corporation (DTCC), marking the first occurrence since the nation's sovereign debt reconstruction over two years ago, as reported by Kathimerini.
According to DTCC, 74 trades happened last week that encompassed a $165 million dollar gross of Hellenic debt. Its analysis determined that 292 contracts preserving $505 million dollars in net of bonds, are currently outstanding.
Prior contracts that insured approximately $3 billion dollars were resolved in March 2012, when the nation required investors to transfer their bonds with a loss, due to its debt revamping. After Greece reentered the global market this past April, investors began acquiring protection.
Bank of American Corp. delegate Athanasios Vamvakidis, who heads the Group of 10 currency strategy in London described, "It's a step towards more normal markets in Greece...Having an instrument to hedge will help Greece increase market access", according to Bloomberg.
(Source: www.ekathimerini.com)
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