Derivatives committee rules credit event has occurred on Shimao Group bonds

BY Reuters | CORPORATE | 06/28/22 05:41 AM EDT

LONDON, June 28 (Reuters) - The Asia ex-Japan determinations committee said on Tuesday that a "failure to pay" credit event had occurred on Chinese developer firm Shimao Group Holdings Ltd (SIOPF) , according to a statement on its website.

The ruling forms the first step for a potential payout on credit default swaps (CDS) issued on Shimao's (SIOPF) bonds. The determinations committee will meet again on June 30. (Reporting by Karin Strohecker, editing by Jorgelina do Rosario)

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