ResCap CDS settlement auction on June 6 sets final price of 17.625

By Marisa Wong

Madison, Wis., June 8 - Residential Capital, LLC's credit derivative trades were settled by auction at a final price of 17.625, according to a notice from auction administrators Markit Group Ltd. and Creditex Group Inc.

At the auction, which was held on Wednesday, 12 dealers submitted initial markets, physical settlement requests and limit orders to settle trades across the market referencing ResCap.

As previously reported, the International Swaps and Derivatives Associations, Inc.'s Americas credit derivatives determinations committee resolved on May 15 that a bankruptcy credit event had occurred.

ResCap is a New York-based real estate finance company.

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