Auction finds General Growth Properties LCDS worth 44.25%

This means protection sellers would need to pay protection buyers who opted for cash settlement 55.75% of the par value of the LCDS contracts.

Two credit derivatives auctions are scheduled for the remainder of this month.

Bermuda-based Syncora Guarantee, the monoline formerly known as XL Capital Assurance, is tentatively set for May 27. Isda's Derivatives Determinations Committee decided on May 1 that it had undergone a failure-to-pay credit event, as a result of a New York State Insurance

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