McCarthy & Stone European loan CDS auction sets final price of 70.735

By Angela McDaniels

Tacoma, Wash., April 15 - McCarthy & Stone (Developments) Ltd. first-lien European loan credit default swaps will be settled using a final price of 70.735.

Markit Group Ltd. and Creditex Group Inc. announced the result after administering a settlement auction for the CDSs on Thursday.

They noted that because of a zero net open interest, there was no subsequent bidding period to the auction. As a result, the inside market midpoint value was set as the final price.

As previously reported, the Markit iTraxx LevX market makers determined that a bankruptcy credit event occurred for the company and voted to hold the auction.

McCarthy & Stone is a Dorset, England-based builder of retirement homes.

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