No major surprises in SSCC's ISDA CDS and LCDS auctions. Creditex has determined the inside market mid-point for CDS at 7.875% while the LCDS mid is 68.5. Both points are consistent with recent trading levels of 68-70 for the loans and 7.75 - 9 for the bonds.
Net sell interest into determination of the final price is $128.675 million for the bonds and $40 million for the loans.
Final auction results will be made available around 2 pm and we will give you the full lowdown.
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Thursday, February 19, 2009
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2 comments:
Hi Tyler, looks like BARC did well on today's auction but with Citi average bid so low you have to wonder about capital. 5Y C is now 405/415! widest aside from late Nov spike. Strange SSCC auction with Final better than IMM for first time in the last nine auctions...
MBIA Opco had some wild swings today - someone was unwinding their CDO hedges...any thoughts on these bank spreads? USA sovereigns holding at 90mid...
sorry mate - please ignore - just read up the blog and seen the post - you thought the same as me on the IMM vs Final!!!
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