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Kaupthing CDS settlement auction sets price of 6.625% for senior debt, 2.375% for subordinated debt
New York, Nov. 6 - The final price of Kaupthing Banki HF debt for the purpose of settling credit derivative transactions was determined to be 6.625% for senior debt and 2.375% for subordinated debt, according to joint news releases from Creditex and Markit.
The companies administered a credit event auction held Thursday under the International Swaps and Derivatives Association, Inc.'s 2008 Kaupthing credit default swap protocol.
Creditex and Markit said the auction was conducted in partnership with 14 credit derivative dealers.
Credit event auctions have already been held for two other Reykjavik, Iceland-based banks: Landsbanki Islands HF and Glitnir Banki HF.
As previously reported, the final price of Landsbanki debt for settlement purposes is 1.25% for senior debt and 0.125% for subordinated debt while Glitnir came in at 3% for senior debt and 0.125% for subordinated debt.
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