ISDA gives final price of 2 for CDS auction referencing LyondellBasell

By Jennifer Chiou

New York, April 16 - International Swaps and Derivatives Association, Inc. announced the final results of the credit-default swap auction protocol to facilitate the settlement of credit derivatives trades referencing LyondellBasell Industries AF SCA.

On Thursday, 14 dealers submitted inside markets to the auction and the final price was fixed at 2.

LyondellBasell is a Netherlands-based petrochemicals producer. The company reportedly failed to pay more than $2 billion in debt on March 16. The company missed a payment due on Feb. 15, and a 30-day grace period expired on March 19.

The auction was administered by Markit and Creditex, and ISDA published the auction on its web site.

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