Dates set for General Motors, Visteon, R.H. Donnelley CDS auctions

By Jennifer Chiou

New York, June 5 - The dates for the credit event auctions to facilitate the settlement of loan-only credit default swap trades referencing General Motors Corp., Visteon Corp. and R.H. Donnelley Inc. have been determined, according to the Creditex web site.

R.H. Donnelley's auction is slated for June 11 while GM's will follow on June 12 and Visteon on June 23.

On June 1, Markit LCDX index dealers said they voted to run the auctions after the companies' bankruptcy filings.

GM, R.H. Donnelley and Visteon are constituents of series 8, 9, 10 and 12 of the Markit LCDX index, and Visteon is a constituent of the Markit CDX North America High Yield index series 4 through 12 and Markit CDX North America Investment Grade series 1.

A separate auction will be held to settle regular CDS trades referencing Visteon.

The terms for the LCDS auction will be determined by Markit LCDX dealers according to rules published on the International Swaps and Derivatives Association, Inc. web site.

Markit and Creditex are the administrators of the credit event auctions.

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