Syncora worth 15%, according to credit derivatives auction

This means protection sellers would need to pay protection buyers who opted for cash settlement 85% of the par value of the CDS contracts.

The auction follows an Isda Derivatives Determinations Committee decision on May 1 that Syncora had undergone a failure-to-pay credit event, as a result of a New York State Insurance Department directive forcing it to stop making payments to counterparties from April 26.

A credit event auction for Hengersberg, Germany-based auto-parts supplier Edscha is set for

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