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ISDA panel to reconvene next week to discuss Venezuela CDS contract payout

A 15-member committee of the International Swaps and Derivatives Association will meet during the week of Nov. 20 to help determine the payout on $1.5 billion of credit default swap contracts tied to Venezuela's bonds, Reuters reported Nov. 20.

Venezuela and state-owned oil company Petroleos de Venezuela SA were declared in default by the association Nov. 16.

The committee will discuss the terms of two auctions, one for the Venezuelan government and one for the state-owned oil company, the list of bonds to include into the auctions, the value of those bonds and the payout to holders of Venezuela's and Petroleos de Venezuela's CDS.

The face value of net CDS contracts outstanding on Venezuela's sovereign bonds is $1.3 billion, and about $250 million for contracts outstanding on Petroleos de Venezuela.