Isda opens Delphi index protocol

Isda’s protocol will run for the next seven days, closing on 2 November. A bond auction administered by Creditex and Markit on 4 November will fix the settlement price for Delphi's bonds.

The auction has been postponed 24 hours from its original date to take in a slight delay in preparing the protocol. Only dealers will be allowed to participate, although other market participants will be able to place orders through their dealers.

A recent termination run by tear-up specialist TriOptima terminated single-name and index CDS linked to Delphi to a notional value of over $700 million.

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