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CDSBench
Kingdom of Vestmark · Sovereign · Restructuring · 2026-03-07

Kingdom of Vestmark 2026

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

Kingdom of Vestmark experienced a restructuring credit event in 2026. The record contains the terms of the ZAR 2033 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2023-03-07Notes issued.
  2. 2026-03-07Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
ZAR 2033 NotesKingdom of VestmarkISIN XS1000015838ZAR2033-03-07Senior10
Key question · #29 · 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
Key question · #21 · 1 of 4 models missed
What is the maturity date of the instrument? Answer as YYYY-MM-DD.
Claude GPT Gemini Mastermind
Case Replays

Every benchmark question and how each model did

#QuestionLevelVerifiedClaudeGPTGeminiMastermind
21What is the maturity date of the instrument? Answer as YYYY-MM-DD.Fact extraction2033-03-07deterministically verified✓✓✕✓
22In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionZARdeterministically verified✓✓✓✓
23Does the instrument's maturity satisfy a maximum maturity of 30 years measured from the cr…Rule applicationYesdeterministically verified✓✓✓✓
24Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationNodeterministically verified✓✓✓✓
25Is the instrument subordinated?Rule applicationNodeterministically verified✓✓✓✓
26Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified✓✓✓✓
27Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …DeliverabilityIneligibledeterministically verified✓✓✓✓
28Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
29Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
30Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyYesdeterministically verified✓✓✓✓
Public documents

The record

  • DOC-1 ZAR 2033 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — Kingdom of Vestmark
Related cases

Precedents by structure, not by keyword

  • Kingdom of Vestmark 2025 (B)Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: currency_fail, sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • United Provinces of Kestrel 2026 (B)Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Commonwealth of Tessaly 2026Ineligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.
  • Republic of Norland 2024Eligible
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: sovereign; Similar documentation language
    Important difference
    Facts may still differ in the specific documents; do not copy the outcome.