Novo Banco 'no' vote sets precedent and new questions for CDS

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Novo Banco 'no' vote sets precedent and new questions for CDS

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A landmark ruling this week that Novo Banco has not triggered a credit event will set a precedent for future European government interventions in banks, market participants said, but it could prompt further amendments to the International Swaps and Derivatives Association's (ISDA) credit definitions.

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