ISDA says Markit iTraxx market makers opt to hold auction to settle SSP Financing loan-only CDSs

By Jennifer Chiou

New York, Aug. 27 - The International Swaps and Derivatives Association, Inc. announced that Markit iTraxx LevX market makers voted to hold an auction for the European loan-only credit default swap transactions referencing certain first-lien loans of SSP Financing Ltd.

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

The auction will be administered by Markit and Creditex, and the auction terms will be published on the ISDA web site.

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

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