Cross Default

Much talked about, seldom seen.

The Cross Default article is up -

Here’s the free version - it was already too long for email! Skeleton:

• Origins

  • History in the loan market

  • The ISDA evolved from the loan market

• Why swaps are different from loans

• How does Cross Default work?

  • “Specified Indebtedness”

    • Financing arrangements

    • Bank deposits

    • Public indebtedness

  • “Default”

  • “Threshold Amount”

    • Snowball risk

    • P…