grecia
Euro is going through a buy the rumour sell the fact after Greek govt announced it had completed a debt swap with participation at 85.8% vs expectations running as high as 90/95%, although the number stays very much in line with the first initial pre-announcement by Greek offcials at the NY close.

Holders of 172 bln euros worth of bonds in total have consented to bond offer vs €206 eligible with Greek officials saying they will enact CACs, as they will amend terms of Greek law bonds for all holders. Greece says 69% of non-Greek bondholders participated. Greece has also said participation will be 95.7% (€197m) after CAC triggered, which means forcing reluctant bondholders to participate against their will. Now is time to wait for ISDA to know whether CDS are triggered or not.

So, the next risk event in this whole Greek Bond Swap Soap Opera will be the ISDA committee meeting at 1:00 pm GMT to decide whether a credit event has occurred relating to Greece.

The final numbers are quite accurated with those rumored through the Asian session after the Greek agency ANA reported receiving an acceptance as high as 85%. One person involved in the deal had been said total participation would top 90 per cent, and maybe even 95 per cent if “collective action clauses” were used as expected, the Financial Times reported, which is also really accurate with the recent report coming in.

However, one unexpected sticking point is now a headline from Reuters, suggesting some hedge funds had found a legal loophole they believe will force Greece to repay some of its debt in full, three sources close to the matter said on Thursday. "This would intensify the standoff between the country and its debtors" the news agency reports.