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The ISDA Agreement: Borrower Beware

The ISDA agreement –  the seemingly incomprehensible document that governs most interest rate hedges  – has just been delivered to your inbox by your friendly banker. You’re in the midst of a floating rate financing negotiation with the bank that involves entering into a interest rate swap to hedge the floating rate risk. You notice […]

The ISDA – A Hedger’s Minefield

This long, and to many people, incomprehensible document has just been delivered electronically by your friendly banker because you are about to execute a derivative or are contemplating one. Okay, it’s time to take a deep breath and not sign that document until you fully understand what it means to you. While your banker may […]