Creditex, Markit determine price of Masonite debt to settle credit derivative trades

By Jennifer Chiou

New York, Dec. 9 - Markit and Creditex announced the results of a credit event auction that determined a price to facilitate the settlement of credit derivative trades referencing Masonite International Corp.'s first-lien loans.

At 2 p.m. ET on Tuesday, the final price for Masonite first-lien loans for the purpose of settling credit derivative transactions was determined to be 52.5%, according to a news release.

The auctions were conducted in accordance with the Masonite's LCDS settlement terms published by the International Swaps and Derivatives Association, Inc. and Markit, the release noted, adding that credit event auctions enable market participants to cash settle credit derivative transactions.

Masonite is a Mississauga, Ont.-based manufacturer of residential and commercial doors.

Markit provides independent data, portfolio valuations and over-the-counter derivatives trade processing to the financial markets. Creditex is focused on the execution and processing of credit derivatives.

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