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CDSBench
Republic of Sanderia · Sovereign · Restructuring · 2025-07-19

Republic of Sanderia 2025

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

Republic of Sanderia experienced a restructuring credit event in 2025. The record contains the terms of the EUR 2036 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2022-07-19Notes issued.
  2. 2025-07-19Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
EUR 2036 NotesRepublic of SanderiaISIN XS1000047514EUR2036-07-19Senior9
Key question · #70 · 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 · #66 · 2 of 4 models missed
Is the instrument transferable without the consent of the Issuer?
Claude GPT Gemini Mastermind
Key question · #67 · 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
62Considering all documents, what is the maturity date of the instrument? If the documents c…adversarialMulti documentReviewdeterministically verified✓✓✓✓
63In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionEURdeterministically verified✓✓✓✓
64Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationYesdeterministically verified✓✓✓✓
65Is the instrument subordinated?Rule applicationNodeterministically verified✓✓✓✓
66Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified△✓✓△
67Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …adversarialDeliverabilityReviewdeterministically verified✓✕✕✓
68Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
69Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
70Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyNodeterministically verified✕✕✕✕
Public documents

The record

  • DOC-1 EUR 2036 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — Republic of Sanderia
Related cases

Precedents by structure, not by keyword

  • Republic of Sanderia 2024 (B)Review
    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.
  • Commonwealth of Tessaly 2025 (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.
  • 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.