Auction to settle SSP Financing CDSs sets final price of 52.375

By Angela McDaniels

Tacoma, Wash., Oct. 8 - The final price for settling credit-default swap transactions referencing SSP Financing Ltd. was set at 52.375 through an auction on Thursday.

Auction administrators Markit and Creditex announced the results.

The administrators said that due to a zero net open interest, there was no subsequent bidding period to the first-lien auction. As a result, the final price is equal to the inside market midpoint value.

In August, the International Swaps and Derivatives Association, Inc. announced that Markit iTraxx LevX market makers voted to hold an auction for the European loan-only CDS transactions referencing certain first-lien loans of SSP.

The market makers determined that SSP failed to make payments due on its senior facility, according to an ISDA news release.

SSP is a London-based company providing food services for travel locations.

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