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CDSBench
Halvard Steel AG · Corporate · Restructuring · 2028-06-07

Halvard Steel AG 2028 (C)

publishedholdout split10 verified of 10 questions · 2 documents · 1 instruments

Halvard Steel AG experienced a restructuring credit event in 2028. The record contains the terms of the CHF 2064 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2025-06-07Notes issued.
  2. 2028-06-07Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
CHF 2064 NotesHalvard Steel AGISIN XS1000229651CHF2064-06-07Senior10
Key question · #295 · 2 of 4 models missed
Which section of the record establishes the seniority (ranking) of the instrument? Answer with the section identifier (e…
Claude GPT Gemini Mastermind
Case Replays

Every benchmark question and how each model did

#QuestionLevelVerifiedClaudeGPTGeminiMastermind
287What is the maturity date of the instrument? Answer as YYYY-MM-DD.Fact extraction2064-06-07deterministically verified✓✓✓✓
288In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionCHFdeterministically verified✓✓✓✓
289Does the instrument's maturity satisfy a maximum maturity of 30 years measured from the cr…Rule applicationNodeterministically verified✓✓✓✓
290Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationYesdeterministically verified✓✓✓✓
291Is the instrument subordinated?Rule applicationNodeterministically verified✓✓✓✓
292Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified✓✓✓✓
293Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …DeliverabilityIneligibledeterministically verified✓✓✓✓
294Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
295Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
296Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyYesdeterministically verified✓✓✓✓
Public documents

The record

  • DOC-1 CHF 2064 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — Halvard Steel AG
Related cases

Precedents by structure, not by keyword

  • Halvard Steel AG 2025Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (CORPORATE); Has a verified deliverability outcome; Shared characteristics: maturity_fail, corporate; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Halvard Steel AG 2024 (B)Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (CORPORATE); Has a verified deliverability outcome; Shared characteristics: maturity_fail, corporate; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Meridian Telecom S.A. 2026Insufficient information
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (CORPORATE); Has a verified deliverability outcome; Shared characteristics: corporate; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Meridian Telecom S.A. 2025 (B)Insufficient information
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (CORPORATE); Has a verified deliverability outcome; Shared characteristics: corporate; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.