Creditex and Markit credit fixings used for Delta and Northwest

Creditex and Markit have, in partnership with major credit derivative dealers, conducted credit event fixing to generate cash settlement prices for Delta Airlines and Northwest Airlines, whose bonds defaulted on September 14.

Delta’s bonds were fixed at 18%, while those of Northwest were fixed at 28%. New York-based Creditex, the credit derivatives inter-dealer platform, and London-based Markit, which specialises in independent data management, said today’s fixings will facilitate the settlement of Dow Jones CDX credit derivatives index contracts that include the default swap contracts of the US airlines that have filed for bankruptcy protection.

“The settlement price established by the fixings for defaulted

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