Auction held for SSP CDSs; Thomson trades move to trigger period

An auction held today determined a final recovery rate of 52.375% for European loan-only credit default swaps (CDSs) referencing first-lien loans of Select Service Partners (SSP), a UK-based provider of food and drink to travel locations. Six dealers participated in the auction, run by data vendor Markit and broker Creditex, allowing protection buyers to receive the contract’s par value, less the recovery rate, rather than having to physically deliver bonds or loans to the protection se