Guides
CDS guides
How deliverability and credit events work under the 2014 ISDA Credit Derivatives Definitions, each worked through on a real, published case.
Deliverability
What is a Deliverable Obligation?
How a bond or loan qualifies for delivery under a credit default swap: the Deliverable Obligation Category, the Characteristics, physical settlement and auctions, with Rite Aid as a worked example.
Deliverability
Maximum Maturity under the 2014 ISDA Definitions
The Maximum Maturity characteristic measures remaining maturity, usually against a 30-year limit. How it is tested, why most bonds pass, and three real bonds checked.
Deliverability
Is a Rule 144A or Regulation S bond deliverable?
The Transferable characteristic disregards Rule 144A and Regulation S resale restrictions. Which transfer restrictions still matter, such as issuer consent, and how real 144A notes were treated.
Deliverability
Not Subordinated and Specified Currency, explained
Two CDS Deliverable Obligation Characteristics: the Not Subordinated test against the Reference Obligation or Prior Reference Obligation, and the Standard Specified Currencies.
Credit events
What counts as a credit event? Bankruptcy vs Failure to Pay
How the Bankruptcy and Failure to Pay Credit Events work: grace periods, the Payment Requirement, the 30-day rule for creditor petitions and DC determinations, with Dean Foods, Rite Aid and New Fortress Energy.
The worked examples: Rite Aid Corporation 2023 · Dean Foods Company 2019 · New Fortress Energy 2025. Short definitions of every rule are in the glossary.
The guides paraphrase CDSBench’s reading of the Definitions. Decision support, not legal advice or a Credit Event determination.
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Mastermind tells you where your CDS position stands — before a credit story breaks, and the moment it does.