Ziggo: Another Definitional Split In The Credit Default Swap Market

On January 21, 2019, the Credit Derivatives Determinations Committee for Europe ("DC") convened to decide whether a Successor should be named for credit default swaps ("CDS") referencing Ziggo, a Netherlands-based broadband cable operator. The answer: It depends on which definitions apply. The DC determined that Ziggo Bond Company B.V. ("Ziggo Company") became a Successor with respect to CDS that incorporated the 2014 ISDA Credit Derivatives Definitions ("2014 Definitions") but not with respect to CDS that incorporated the 2003 ISDA Credit Derivatives Definitions, as supplemented by the July 2009 Supplement ("2003 Definitions").