Mexico's Urbi Desarrollos Urbanos CDS auction gives final price of 19

By Toni Weeks

San Luis Obispo, Calif., June 6 - Urbi Desarrollos Urbanos, SAB de CV's credit derivative trades were settled by auction on Thursday at a final price of 19, according to Markit and Creditex.

Twelve dealers submitted initial markets, physical settlement requests and limit orders to the auction administered by Creditex and Markit to settle trades across the market referencing Urbi.

ISDA said on May 21 that its Americas Credit Derivatives Determinations Committee determined that a failure to pay credit event occurred for the company.

Settlement is expected on June 13.

Urbi is a homebuilder based in Mexicali, Mexico.

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