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#asset-swap #finance #gale-using-and-tradning-asset-swaps
Italian redenomination of debt to Lira would not trigger standard CDS, because it is high quality currency
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owner: piotr.wasik - Using and Trading Asset Swaps - Giles Gale (Morgan Stanley), p12

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, a Greek redenomination of debt to Drachma is a credit event, but <span>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 spreads is very similar to trading swap spreads. If the spread widens, say fr



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