Credit auctions pick up pace

A further six credit event auctions took place in February, with another, for loan-only credit default swaps referenced to Beachwood, Ohio-based aluminium company Aleris International, due this month.

The succession of auctions began on February 3, with three US subsidiaries of Dutch chemical company LyondellBasell. The auction set a recovery rate of 20.75% on loan credit default swaps (LCDS) referencing Houston-based Lyondell Chemical, and a final settlement value of 15.5% for the company's CDS

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