Creditex and Markit, in partnership with 10 major credit derivative dealers, today announced the results of a Credit Event Auction that determined a price to facilitate the settlement of credit derivative trades referencing the first lien loans of Masonite International Corporation.
At 2:00 pm ET today, the final price for Masonite International Corporation first lien loans for the purpose of settling credit derivative transactions was determined to be 52.5%.
The auctions were conducted in accordance with the Masonite International Corporation LCDS Settlement Terms published by the International Swaps and Derivatives Association (ISDA) and Markit. Creditex and Markit are the official administrators of Credit Event Auctions.
Credit Event Auctions enable market participants to cash settle credit derivative transactions. During a Credit Event Auction, dealers submit orders electronically on the Creditex platform. The auction submissions are delivered to Markit electronically. Markit calculates and verifies the results, and publishes them on www.creditfixings.com.
The Credit Event Auction process was launched in 2005 by Creditex and Markit in collaboration with ISDA and major credit derivative dealers. Auctions have been held to facilitate settlement of credit derivative trades referencing Kaupthing Banki hf, Glitnir Banki hf, Landsbanki Islands hf, Washington Mutual Inc., Lehman Brothers Holdings Inc., Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Tembec Industries Inc., Quebecor World Inc., Movie Gallery, Collins & Aikman, Delta Air Lines, Northwest Airlines, Delphi Corporation, Calpine Corporation, Dana Corporation and Dura.