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Smurfit Stone CDS Auction Mid Point Set At 7.875%
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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