PMI Group credit derivative swap trades to be settled in auction

By Jennifer Chiou

New York, Nov. 30 - The ISDA Determinations Committee said it has confirmed that a bankruptcy credit event has occurred for PMI Group, Inc., and an auction is expected for settlement of CDS trades on the company.

This affects series 16 and 17 of the Markit CDX North America High Yield index.

As reported, the company filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware in October.

PMI is a Walnut Creek, Calif.-based provider of residential mortgage insurance and credit enhancement products. Its Chapter 11 case number is 11-13730.

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