Ecuador CDS Auction
Prelim
Recovery: 32.375 with $77m to buy
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January 14th, 2009 at 5:56 pm
Final price of 31.375 after a preliminary 32.375 with $77m to buy (1/3 of total buy physical requests)?
Weird.
Limit offers were all over the map (gotta love MS’s limit offer of 99). Strange auction all around.
EC
January 16th, 2009 at 5:12 am
$77m to buy implies the market was net short the credit (i.e. long protection)? Or is it the other way around? Sorry, just wanted to clarify who pays who…
January 16th, 2009 at 6:04 am
the other way around, from the auction primer:
“Protection sellers would make requests to buy bonds/loans in the auction (as normally they would be delivered bonds/loans in physical settlement).”