NEW YORK, May 12 (Reuters) - The Credit Derivatives
Determinations Committee (DC) accepted on Friday to look into a
question on whether a "governmental intervention credit event"
occurred with respect to Credit Suisse .
The DC overlooking Europe will have to determine specifics
of the subordination of Credit Suisse’s additional tier-1 (AT1)
bonds, according to the DC website.
As part of its takeover by UBS Group AG , the Swiss
regulator decided Credit Suisse’s AT1 bonds, with a notional
value of $17 billion, would be valued at zero, in a move that
angered some holders of the debt.
Questions to the DC are typically raised in the process to
determine whether a certain event will trigger payment of
default insurance known as credit default swaps.
(Reporting by Rodrigo Campos; Editing by Leslie Adler)
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