» CIT group http://senesojournal.com Mon, 23 Nov 2009 20:13:57 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 CIT Bonds Valued at 68.125 Cents to Settle Credit-Default Swaps http://senesojournal.com/2009/11/20/cit-bonds-valued-at-68-125-cents-to-settle-credit-default-swaps/ http://senesojournal.com/2009/11/20/cit-bonds-valued-at-68-125-cents-to-settle-credit-default-swaps/#comments Fri, 20 Nov 2009 17:12:16 +0000 Seneso Journal http://senesojournal.com/?p=711 Credit derivatives traders settling contracts that protected against a default by CIT Group Inc. set a value of 68.125 cents on the dollar for the commercial lender’s bonds.

The price, the result of an auction by 13 dealers including JPMorgan Chase & Co. and Barclays Plc, means sellers of the swaps will pay 31.875 cents on the dollar to buyers of protection to settle the contracts, according to data from administrator Markit Group Ltd. and broker Creditex Group Inc.

Read the whole story @ Bloomberg

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