Naftogaz of Ukraine CDS settlement auction sets final price of 83.5

By Angela McDaniels

Tacoma, Wash., Dec. 16 - NJSC Naftogaz of Ukraine credit default swap transactions will be settled using a final price of 83.5, according to the web site of auction administrators Markit Group Ltd. and Creditex Group Inc.

The auction was held Wednesday.

As previously reported, the International Swaps and Derivatives Association, Inc. said its Europe, Middle East and Africa credit derivatives determinations committee voted to hold the auction after it resolved that a failure-to-pay credit event occurred for the company.

The company failed to repay the principal on its $500 million eurobonds that were due Sept. 30, 2009. The bonds were later restructured through an exchange offer.

Naftogaz is an energy company based in Kiev, Ukraine.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.