Markit iTraxx LevX index dealers have voted for a Credit Event Auction to facilitate settlement of loan-only credit default swap (LCDS) trades referencing Sanitec, which is a constituent of the Markit iTraxx LevX. This will be the first European leveraged loan credit event auction.
The auction terms, including the auction date, will be determined by Markit iTraxx LevX dealers according to LCDS Auction Rules published on the International Swaps and Derivatives Association (ISDA) website. Markit and Creditex are the official administrators of Credit Event Auctions.
L.D.