More Anglo Irish Bank CDSs to be settled via auctions on Feb. 2

By Angela McDaniels

Tacoma, Wash., Jan. 25 - Anglo Irish Bank Corp. Ltd. 2.5-year subordinated credit default swaps and 2.5-year senior CDSs will be settled via an auction to be held on Feb. 2, according to Creditex Group Inc. and Markit Group Ltd.

On Nov. 23, the International Swaps and Derivatives Association, Inc.'s Europe, Middle East and Africa credit derivatives determinations committee resolved that a restructuring credit event occurred and voted to hold auctions to settle CDSs referencing the company.

Subsequent to these auctions, the committee resolved that a separate credit default occurred and determined that one or more further auctions would be needed.

The previous auctions were held on Dec. 9 and set the following prices:

• 18.25 for the CDS subordinated bucket 2;

• 18 for the CDS subordinated bucket 3;

• 74.5 for the CDS senior/subordinated bucket 1;

• 76 for the CDS senior bucket 2; and

• 74.5 for the CDS senior bucket 3.

Anglo Irish is a Dublin-based provider of banking services.

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