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CDSBench
Republic of Sanderia · Sovereign · Restructuring · 2024-09-07

Republic of Sanderia 2024 (B)

publisheddevelopment split9 verified of 9 questions · 2 documents · 1 instruments

Republic of Sanderia experienced a restructuring credit event in 2024. The record contains the terms of the USD 2029 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2021-09-07Notes issued.
  2. 2024-09-07Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
USD 2029 NotesRepublic of SanderiaISIN XS1000158380USD2029-09-07Senior9
Key question · #208 · 4 of 4 models missed
Does the record contain enough evidence to reach a reliable deliverability conclusion without further documents?
Claude GPT Gemini Mastermind
Key question · #204 · 2 of 4 models missed
Is the instrument transferable without the consent of the Issuer?
Claude GPT Gemini Mastermind
Key question · #205 · 2 of 4 models missed
Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified Currency, Not Contingent, Tran…
Claude GPT Gemini Mastermind
Case Replays

Every benchmark question and how each model did

#QuestionLevelVerifiedClaudeGPTGeminiMastermind
200Considering all documents, what is the maturity date of the instrument? If the documents c…adversarialMulti documentReviewdeterministically verified✓✓✓✓
201In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionUSDdeterministically verified✓✓✓✓
202Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationYesdeterministically verified✓✓✓✓
203Is the instrument subordinated?Rule applicationNodeterministically verified✓✓✓✓
204Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified△✓✓△
205Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …adversarialDeliverabilityReviewdeterministically verified✓✕✕✓
206Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
207Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
208Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyNodeterministically verified✕✕✕✕
Public documents

The record

  • DOC-1 USD 2029 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — Republic of Sanderia
Related cases

Precedents by structure, not by keyword

  • Republic of Sanderia 2025Review
    Why relevant
    Same credit event type (RESTRUCTURING); Same entity type (SOVEREIGN); Has a verified deliverability outcome; Shared characteristics: contradiction_maturity, 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.
  • Republic of Marovia 2024Review
    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 2027 (C)Eligible
    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.