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Auction held on CDSs referencing Station Casinos

An auction run by data vendor Markit and broker Creditex yesterday determined final settlement values for credit derivatives trades referencing Las Vegas-based casino operator Station Casinos.

    • Donna Haws
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Station Casinos failed to make a February 1 interest payment on its bonds within the 30-day grace period, triggering payments on the contracts.

Another seven credit event auctions are scheduled to take place in April.

An auction will be held on April 14 to settle credit derivatives trades referencing Connecticut-based chemicals manufacturer Chemtura after it filed for Chapter 11 bankruptcy protection on March 18, triggering a credit event.

On April 15, an auction will be held to settle CDSs referencing Irvine-based flooring manufacturer Rouse, after it failed to make a $2.25 billion debt payment on March 16.

An auction on CDSs referencing Netherlands-based LyondellBasell Industries will take place on April 16. Payments on the contracts were triggered after the petrochemicals manufacturer failed to make an interest payment on €500 million of bonds within the 30-day grace period after missing the payment on February 15. In the US, LyondellBasell has been under Chapter 11 bankruptcy protection since January 6.

CDSs referencing Montreal-based newsprint maker AbibitiBowater's US subsidiary Abitibi-Consolidated will be settled via credit auction on April 17 after it failed to make a payment on its loan debt on March 13.

An auction will be held on April 21 for CDS trades referencing St Louis-based cable company Charter Communications after it filed to restructure its debt under Chapter 11 on March 27.

On April 22, an auction will be held on CDSs referencing Pennsylvania-based financial services firm Capmark Financial Group. The company's failure to make a March 23 payment on a bridge loan agreement resulted in a credit event.

CDSs referencing Texas-based phone-book company Idearc Media will be settled via auction on April 23. On March 31, the company elected to restructure its debt obligations under Chapter 11.

See also: Isda launches hardwiring supplement for CDS settlement auctions
Senior Supervisors Group: CDS auction process working

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