NO.PZ2023040701000106
问题如下：
On 1 July 20X3, UNAB fails to make a scheduled interest payment on the outstanding subordinated unsecured obligation after a grace period; however, the company does not file for bankruptcy- Morrison asks Watt to determine if UNAB experienced a credit event and, if so, to recommend a settlement preference.
Should Watt conclude that UNAB experienced a credit event?
选项：
A.Yes
B.No, because UNAB did not file for bankruptcy.
No, because the failure to pay occurred on a subordinated unsecured bond
解释：
Correct Answer: A
UNAB experienced a credit event when it failed to make the scheduled coupon payment on the outstanding subordinated unsecured obligation. Failure to pay, a credit event, occurs when a borrower does not make a scheduled payment of principal or interest on any outstanding obligations after a grace period, even without a formal bankruptcy filing.
B is incorrect because a credit event can occur without filing for bankruptcy. There are three general types of credit events: bankruptcy, failure to pay, and restructuring.
如果我买的是senior 的CDS， subordinal bond 违约了， 理论上我买的CDS也算违约事件对吧？
