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#asset-swap #finance #gale-using-and-tradning-asset-swaps
a Greek redenomination of debt to Drachma is a credit event, because it is low quality currency
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p12

. • Restructuring. Restructuring includes changes to interest or principal payable and redenomination of debt to a non-permitted currency. A permitted currency is either G7 or the currency of any AAA rated government. In particular, <span>a Greek redenomination of debt to Drachma is a credit event, but Italian redenomination of debt to Lira would not trigger standard CDS. Trading CDS You don’t need the CDS to trigger to make money by owning credit protection. Trading CDS sprea



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