Dura bond auction in US breaks new ground


The bankruptcy of yet another US auto parts maker, Dura Operating Corporation, has led to another first for the settlement of credit derivatives trades. For the first time, the International Swaps and Derivatives Association 2006 Dura Protocol allowed cash settlement of single-name, index, tranches and other credit derivatives transactions. Previous protocols enabled cash settlement only of index trades.

The auction to finalise prices on Illinois-based Dura's senior and subordinated bonds was

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