Dutch bank expropriation ties CDS in knots
Work in progress
The subordinated bondholders of SNS Bank who used credit derivatives as a hedge may be denied a payout after the lender’s nationalisation. It’s not the first time the crisis has shown CDS language to be lacking. Governments’ unpredictability doesn’t help.
This content is for Subscribers only
To access full Breakingviews.com content you must be a subscriber. Please use the following link to request a trial.