ISDA Auction Sets Price On Argentina Credit Default Swaps

Law360, New York (September 3, 2014, 9:46 PM EDT) -- The International Swaps and Derivatives Association on Wednesday announced the completion of an auction to settle credit default swaps referencing Argentine debt, with the results leaving CDS sellers on the hook to pay more than 60 cents on the dollar for approximately $1 billion in wagers.

The auction, administered by Markit Group Ltd. and Creditex Group Ltd., set a final price of 39.5 on the Argentine debt, meaning CDS sellers will have to pay 60.5 percent on wagers made by investors who hedged against Argentina’s sovereign debt default. Auction participants established an initial market midpoint of 40.25, according to results posted by...

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