Markit LCDX dealers eye auction to settle General Growth loan-only CDS

By Jennifer Chiou

New York, April 17 - Markit announced that its Markit LCDX index dealers have voted in favor of a credit event auction to facilitate the settlement of loan-only credit-default swaps referencing General Growth Properties, Inc.

The Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings filed for bankruptcy on Thursday.

The company is a constituent of series 8, 9 and 10 of the Markit LCDX index.

The auction will be administered by Markit and Creditex.

International Swaps and Derivatives Association said it will publish the auction details on its web site.

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