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Windstream CDS settles higher than expected amid big physical settlement orders
5 years ago
Windstream Services CDS contracts have settled at a final price of 29.5, presenting a big pay-out for holders of protection but not quite as rewarding as bond levels had projected -
Dealers line up to settle Windstream CDS today
5 years ago
Dealers will today hold a credit event auction to settle CDS referencing Windstream Services, with Morgan Stanley added to the list of participating bidders -
Challenge rejected on cheapest-to-deliver bonds for Windstream CDS auction
5 years ago
The Americas Credit Derivatives Determinations Committee has unanimously rejected a challenge by a market participant against allowing some of the cheapest Windstream bonds to be delivered into an auction to settle CDS referencing the company -
Windstream CDS auction delayed by two weeks
5 years ago
An auction to settle CDS referencing Windstream Holdings has been postponed by two weeks, after dealers on the Americas Credit Derivatives Determinations Committee agreed the process needed more time -
Dealers set Windstream credit event auction date
5 years ago
An auction to settle CDS referencing Windstream Holdings will take place on Monday, 18 March -
Isda tables plans to rid CDS market of narrowly tailored credit events
5 years ago
After lengthy deliberation, a working group of major firms is today set to publish proposals aimed at ridding the market of ‘narrowly tailored credit events’, whereby borrowers are persuaded to default on debt payments in order to trigger pay-outs for CDS holders -
Windstream set for high CDS pay-out as DC picks initial deliverable obligations
5 years ago
Windstream Holdings CDS protection holders look set for a high pay-out, as the cheapest deliverable obligations into the defaulted company’s credit event auction are quoted in the mid-20s -
PG&E auction brings slim payout for CDS protection holders
5 years ago
CDS referencing Pacific Gas & Electric Company have been settled at a final price of 77.75, meaning only a 22.25 pay-out for holders of protection -
Windstream has triggered bankruptcy credit event, not failure to pay, says DC
5 years ago
The Americas Credit Derivatives Determinations Committee has ruled that Windstream Holdings has triggered a bankruptcy credit event, after the US phone company filed for Chapter 11 protection on Monday -
Windstream bankruptcy credit event weighed by Determinations Committee
5 years ago
The Americas Credit Derivatives Determinations Committee has been asked to decide whether Windstream Holdings has triggered a bankruptcy credit event, after the US phone company yesterday filed for Chapter 11 protection -
Bidders line up for PG&E credit event auction
5 years ago
An auction tomorrow to settle CDS referencing Pacific Gas & Electric Company CDS will have 10 participating bidders, after Morgan Stanley was added to the list -
Pacific Gas & Electric CDS set for high recovery as initial obligations trade above 74
5 years ago
Pacific Gas and Electric Company CDS look set for a high recovery, despite a long list of obligations being selected as deliverables into the credit event auction for the defaulted borrower, since eligible bonds are all quoted in the mid-70s or 80s -
Pacific Gas & Electric triggers bankruptcy credit event
5 years ago
Pacific Gas and Electric Company has triggered a bankruptcy credit event, the Americas Credit Derivatives Determinations Committee has ruled, by 14 votes to one -
Pacific Gas & Electric credit event posed following Chapter 11 filing
5 years ago
The Americas Credit Derivatives Determinations Committee has been asked to rule on whether Pacific Gas and Electric has triggered a credit event, after the San Francisco headquartered firm filed for Chapter 11 bankruptcy protection for the second time in its history -
Boost for Parker Drilling protection buyers as CDS settles lower than expected
5 years ago
Parker Drilling credit default swaps have settled at a lower value than expected, after physical settlement sell requests drove down the price at auction and increased the windfall for protection buyers -
Parker Drilling recovery implied at 45 cents as dealers get set for CDS auction
5 years ago
An auction to settle credit default swaps referencing Parker Drilling will take place today, with bond trading levels of the defaulted company implying a payout to protection buyers of around 45-46 cents on the dollar -
Sears CDS settles well above bonds on physical settlement squeeze
5 years ago
Predictions that credit default swaps referencing Sears Roebuck Acceptance Corp would recover at a high level have been borne out, with an auction to settle the contracts having returned a value of almost 80 cents on the dollar – nearly 30 points higher than where bonds of the bankrupt US retailer have been quoted -
Dealers gear up to settle Sears CDS and rule on Ziggo successor
5 years ago
The long wait to settle the final price of Sears Roebuck Acceptance Corp credit default swaps will end today with a credit event auction, while investors could also learn whether there is successor to contracts referencing deregistered Ziggo Bond Finance -
Sears CDS auction to proceed this week as dealers reject delay request
5 years ago
Dealers on the Americas Credit Derivatives Determinations Committee have rejected a call to delay this week’s auction to settle Sears Roebuck Acceptance Corp credit default swaps, although it was a split decision rather than unanimous vote -
Delay sought on Sears credit event auction to free up deliverables
5 years ago
The Americas Credit Derivatives Determinations Committee will meet today to consider whether or not to delay a forthcoming auction to settle Sears Roebuck Acceptance Corp credit default swaps, after a market participant requested more time to allow a wider pool of deliverable obligations to become available -
Sears CDS settlement extends to 2019 as external review teams line up
5 years ago
Holders of Sears Roebuck Acceptance Corp credit default swaps will have to wait until at least 7 January to resolve the contracts, with an external review decision on deliverables into the defaulted borrower’s credit event auction slated for 21 December -
Sears CDS external review panel named to solve Determinations Committee impasse
5 years ago
The North America Determinations Committee has selected an external review panel to decide whether two Sears Roebuck Acceptance Corp debt obligations can be delivered into an auction to settle the US retailer’s credit default swaps, having failed to achieve a strong enough quorum among its own 15 members -
Crossover converges on CDX HY as Fed, earnings and heavy technicals take hold
5 years ago
Big moves of single name credits continue to hold sway over the iTraxx Europe Crossover credit default swap index, whose underperformance of US counterpart CDX HY has extended during the past week amid a big technical repositioning of flows -
Seven deliverables valid for Sears CDS auction, as seven others split DC panel
5 years ago
There will be seven obligations deliverable into an auction on 14 November to settle credit default swaps referencing Sears Roebuck Acceptance Corp, the Americas Credit Derivatives Determinations Committee has decided. But members of the 15-strong DC were split over whether to include another seven potential deliverables that did not make the cut
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