Kaupthing debt set at 6.625% and 2.375%

The Icelandic Financial Supervisory took control of Kaupthing on October 9, making it the third Icelandic bank to fall into government hands. The move constituted a technical credit event according to the International Swaps and Derivatives Association.

Domestic rivals Glitnir and Landsbanki were taken over by the government on September 29 and October 7 respectively.

Thursday's auction means that sellers of credit protection on Kaupthing will have to pay 93.375% of the underlying senior deb

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