Credit Swaps Polished in $19 Trillion Derivative Overhaul

``As part of ISDA's overhaul, the list of events triggering payouts is being expanded to include bail-ins, which is when investors are forced to contribute to bank rescues like those at Banco Espirito Santo. The new definitions will also explicitly insure against debt writedowns, bond exchanges or conversions of debt into equity.'' -- We wonder if the vague invocation of "polishing the t--d" in the headline was intentional....