The final list of securities that can be delivered into the credit auction to settle credit default swaps linked to the Republic of Argentina may not be published until a day before Thursday's auction, adding to uncertainty over the final recovery price. After excluding four Japanese yen-denominated par bonds from the list of deliverables due to a lack of documentation, ISDA's Credit Determinations Committee last week received a request to incorporate the 0.45% due 2038 yen bonds alongside a copy of the prospectus for the 2005-issued securities. Market participants had until 5pm New York time on Friday to submit any additional bonds for consideration and a further three days to challenge the list. ISDA then has an additional two days to publish the final list, pushing the deadline to as late as Wednesday -just one day ahead of the auction.
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