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CDSBench
United Provinces of Kestrel · Sovereign · Restructuring · 2027-09-25

United Provinces of Kestrel 2027

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

United Provinces of Kestrel experienced a restructuring credit event in 2027. The record contains the terms of the JPY 2040 Notes, a Determinations Committee notice.

Timeline

What happened, when

  1. 2024-09-25Notes issued.
  2. 2027-09-25Credit event determined.
Instruments

Obligations in scope

InstrumentIssuerIdentifiersCurrencyMaturitySeniorityQuestions
JPY 2040 NotesUnited Provinces of KestrelISIN XS1000063352JPY2040-09-25Subordinated10
Key question · #88 · 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 · #86 · 1 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
80What is the maturity date of the instrument? Answer as YYYY-MM-DD.Fact extraction2040-09-25deterministically verified✓✓✓✓
81In which currency is the instrument denominated? Answer with the ISO currency code.Fact extractionJPYdeterministically verified✓✓✓✓
82Does the instrument's maturity satisfy a maximum maturity of 30 years measured from the cr…Rule applicationYesdeterministically verified✓✓✓✓
83Is the instrument denominated in a Specified Currency (USD, EUR, JPY, GBP, CHF, CAD)?Rule applicationYesdeterministically verified✓✓✓✓
84Is the instrument subordinated?adversarialRule applicationYesdeterministically verified✓✓✓✓
85Is the instrument transferable without the consent of the Issuer?Document interpretationYesdeterministically verified✓✓✓✓
86Applying the standard Deliverable Obligation Characteristics (Not Subordinated, Specified …adversarialDeliverabilityIneligibledeterministically verified✓✓✕✓
87Is the issuer of the instrument the Reference Entity or a recognised successor of it accor…Rule applicationYesdeterministically verified✓✓✓✓
88Which section of the record establishes the seniority (ranking) of the instrument? Answer …Fact extractionDOC-1#S4deterministically verified✓✕✕✓
89Does the record contain enough evidence to reach a reliable deliverability conclusion with…UncertaintyYesdeterministically verified✓✓✓✓
Public documents

The record

  • DOC-1 JPY 2040 Notes — Terms and Conditions (excerpt)
  • DOC-2 Determinations Committee notice — United Provinces of Kestrel
Related cases

Precedents by structure, not by keyword

  • 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: injection_subordinated, 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.
  • Federal Republic of Aurelia 2027 (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.