Many names have a certain kind of notoriety in the CDS market. TXU, Hellenic Republic and more recently iHeart – all posed significant challenges to the efficacy of the CDS product.

Another prime example is Novo Banco. The Portuguese name was created as a "good bank" in the restructuring of Banco Espirito Santo in August 2014. This was immediately prior to the introduction of the ISDA 2014 definitions in September of that year. The good bank/bad bank split highlighted some of the flaws in the 2003 definitions: namely senior debt restructurings triggering subordinated CDS and ambiguity around state bail-out of financials...