RH Donelley (RHDC.pk), a relatively massive issue with 10B in affected debt but only a small amount in CDS - here is auction result from June 11th:
4.875% and some bonds to sell because of physical settlement requests
creditfixings.com
Final Results of the R.H. Donnelley Corp. CDS Auction, 11th June 2009
Final Price: 4.875
On 11th June 2009, 11 dealers submitted inside markets, physical settlement requests and limit orders to the R.H. Donnelley Corp. auction administered by Creditex and Markit to settle trades across the market referencing R.H. Donnelley Corporation .
The R.H. Donnelley Corp. Deliverable Obligations are denominated in USD.
Relevant Currency
USD
Auction Currency Rates
USD/USD 1.00000
The inputs and results are detailed below.
Dealer Inside Markets
Dealer Bid Offer Dealer
Bank of America / Merrill Lynch 3.5 5.5 Bank of America / Merrill Lynch
Barclays 3.5 5.5 Barclays
BNP Paribas 4.25 6.25 BNP Paribas
Citibank 3.5 5.5 Citibank
Credit Suisse 4.25 6.25 Credit Suisse
Deutsche Bank AG 4 6 Deutsche Bank AG
Goldman Sachs 3.75 5.75 Goldman Sachs
JPMorgan Chase Bank, N.A. 3.5 5.5 JPMorgan Chase Bank, N.A.
Morgan Stanley 3.5 5.5 Morgan Stanley
The Royal Bank of Scotland 4.5 6.5 The Royal Bank of Scotland
UBS 4.25 6.25 UBS
Inside Market Midpoint: 4.875
Adjustment Amounts
No adjustment amounts.
Physical Settlement Requests
THe CDS business must be very small, actually. 335MM is a pittance compared to the outstanding debt of the company. Perhaps, a lot of contracts have been torn up already.
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R.H. Donnelley CDS worth 4.875 pct in auction
NEW YORK, June 11 (Reuters) - Credit default swaps insuring the debt of yellow-pages publisher R.H. Donnelley Corp recovered 4.875 percent in an auction held on Thursday to determine the contracts' value, said auction administrators Markit and Creditex.
That means that sellers of protection on the company's debt will need to pay buyers 95.125 percent of the amount of protection sold, or $9.51 million per $10 million of insurance.
Payments on R.H. Donnelley's CDS were triggered after the company missed an interest payment on its debt in April, and failed to make the payment within its 30-day grace period.
The company filed for bankruptcy protection on May 29. Net volumes of around $335 million are outstanding in CDS on R.H. Donnelley's debt, according to the Depository Trust & Clearing Corp.
(Reporting by Karen Brettell) ((karen.brettell@thomsonreuters.com; +1 646 223 6274; Reuters Messaging: karen.brettell.reuters.com@reuters.net )) Keywords: RHDONNELLEY AUCTION/
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