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.

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