Ambac credit default swaps settle with final price of 20 at auction

By Jennifer Chiou

New York, June 4 - Ambac Assurance Corp.'s auction to settle credit derivative trades came in with a final price of 20, according to Creditex Group Inc.

The auction was administered by Markit Group Ltd. and Creditex.

As already reported, International Swaps and Derivatives Association, Inc. noted on March 26 that its Americas credit derivatives determinations committee had resolved that a bankruptcy credit event occurred and voted to hold an auction for Ambac.

Ambac is a New York-based company that provides financial guarantee insurance for public and structured finance obligations.

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