Guides
CDS guides
How deliverability and credit events work under the 2014 ISDA Credit Derivatives Definitions, each worked through on a real, published case.
Deliverability
What is a Deliverable Obligation?
How a bond or loan qualifies for delivery under a credit default swap: the Deliverable Obligation Category, the Characteristics, physical settlement and auctions, with Rite Aid as a worked example.
Deliverability
Maximum Maturity under the 2014 ISDA Definitions
The Maximum Maturity characteristic measures remaining maturity, usually against a 30-year limit. How it is tested, why most bonds pass, and three real bonds checked.
Deliverability
Rule 144A vs Regulation S: is the bond deliverable into CDS?
Rule 144A vs Regulation S compared: who can buy, where it settles, the 40-day period. Why the CDS Transferable test disregards both, which restrictions still matter, and real 144A notes checked.
Deliverability
Not Subordinated and Specified Currency, explained
Two CDS Deliverable Obligation Characteristics: the Not Subordinated test against the Reference Obligation or Prior Reference Obligation, and the Standard Specified Currencies.
Credit events
What counts as a credit event? Bankruptcy vs Failure to Pay
How the Bankruptcy and Failure to Pay Credit Events work: grace periods, the Payment Requirement, the 30-day rule for creditor petitions and DC determinations, with Dean Foods, Rite Aid and New Fortress Energy.
Credit events
The Restructuring credit event, and why holdouts matter
When a debt restructuring or rescheduling of debts triggers CDS: the five qualifying changes, the Multiple Holder Obligation test, how collective action clauses bind holdouts, and R, Mod R and Mod Mod R.
Credit events
Sovereign CDS: which credit events apply to a country?
Why sovereign CDS has no Bankruptcy credit event, how Failure to Pay, Repudiation/Moratorium and Restructuring work for a state, and what Greece 2012, Argentina 2014 and Venezuela 2017 show about holdouts and deliverability.
The worked examples: Rite Aid Corporation 2023 · Dean Foods Company 2019 · New Fortress Energy 2025. Short definitions of every rule are in the glossary.
The guides paraphrase CDSBench’s reading of the Definitions. Decision support, not legal advice or a Credit Event determination.
Check your own bond
Test your bond against the CDS terms
Mastermind tells you where your CDS position stands — before a credit story breaks, and the moment it does.