GREECE: An auction to settle around $3.2 billion of Greece credit default swaps will be held today.
First Published Monday, 19th March 2012 06:09 am - © 2012 MNI News
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GREECE: An auction to settle around $3.2 billion of Greece credit
default swaps will be held today. The auction is taking place
because Greece used collective action clauses when the
bondholders exchanged new debt for old, thus leaving uncertainty
about the amount the swaps will now pay. 14 financial
institutions including Bank of America, Citigroup, Goldman and JP
Morgan are participating bidders in the CDS auction. The initial
bidding period is 0930 to 1000 GMT, subsequent bidding period is
1330 to 1400 GDMT and final results is due 1530 GMT and will be
published on the www.creditfixings.com website.