The 2014 ISDA Credit Derivatives definitions are an update to the 2003 ISDA Credit Derivatives Definitions as supplemented by the 2009 ISDA Credit derivatives definitions determinations committees, auction settlement and restructuring supplement published by ISDA on July 14th, 2009. The documented definitions provide the basic framework for the documentation of certain credit derivatives transactions.

The 2014 Definitions introduce the use of package observable bonds (POB) which are benchmark obligations of the relevant sovereign entity. These obligations may be delivered at the time of a credit event. The POB is approved by the relevant Determinations Committees in accordance of the POB rules contained within the Credit Derivative Determinations Committees Rules.

S&P Global is the appointed POB administrator working in partnership with ISDA to assist the determinations committees in each region to support its role in POB rules. In accordance with the POB rules, S&P Global provides a service to publish the POB list and support the relevant determinations committee in (although not limited to) the following: processing POB requests, POB endorsements, POB substitutions, POB challenges and POB rejections.

S&P Global continues to support participants within credit derivative markets with its award winning CDS reference data. To assist industry participants, S&P Global has evolved its RED codes to support the POB initiative and existing customers can utilize this data to manage their processing by obtaining files available here.

For market participants looking to obtain available data in accordance with the POB rules, please complete the form below to be emailed a copy of the current POB list.