ISDA EMEA Credit Derivatives Determinations Committee: Banco Popular Español SA Governmental Intervention And Restructuring Credit Events

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee (EMEA DC) resolved that a governmental intervention credit event (for the purposes of trades entered into using the 2014 ISDA Credit Derivatives Definitions and referencing a subordinated obligation) and a restructuring credit event (for the purposes of trades entered into using the 2003 ISDA Credit Derivatives Definitions and referencing either a senior or a subordinated obligation) have occurred in respect ofBanco Popular Español SA.

This is the first time that a Determinations Committee has resolved that a governmental intervention credit event, a new credit event introduced in the 2014 Definitions specifically for financial corporate transaction types, has been determined to have occurred.

The EMEA DC also resolved to hold an auction in respect of the relevant transactions entered into using the 2014 Definitions. The EMEA DC resolved potentially to hold an auction in respect of the relevant transactions entered into using the 2003 Definitions (being those transactions that are subject to the Small Bang Protocol or that otherwise incorporate the 2009 ISDA Credit Derivatives Determinations Committees, auction settlement and restructuring supplement). A subsequent meeting of the EMEA DC will be convened on June 12, 2017 to discuss matters relating to the auctions. ISDA will publish further information regarding auction-related matters on its website, www.isda.org/credit, in due course.

Please refer to the credit event webpage for the DC meeting statement that includes more detailed information: http://dc.isda.org/cds/banco-popular-espanol-sa/.