Dana Auction ResultsThis Credit Event Auction relates to settlement issues concerning Dana Corporation, an auto parts firm that is included in various credit derivative indices published by Dow Jones CDX and others. The auction result determines a final price at which credit derivatives index trades can be settled in accordance with the 2006 Dana CDS Protocol.
At 9:45am EST, Friday 31st March, 13 dealers submitted inside markets, market orders and limit orders to the auction administered by Creditex and Markit as per the 2006 Dana CDS Index Protocol. The final price, inside markets, automatic trades and the sum of market and limit order trades are detailed below. Also listed are the individual market and limit orders.
Inside Market Midpoint: 75.125
Inside Market Adjustment*The adjustment amount paid from buyer to seller is the difference between the mid-point of their crossing markets and the final price. A negative adjustment indicates a reverse payment.
Sum of market order bids: $56m
Sum of market order offers: $97m
Sum of market order trades: $56m
The imbalance (open interest) of the market orders was $41m on the offer side.
These were matched with the limit bids received.
Sum of limit order trades: $41m
*One of the Market Orders above was originally submitted in an amount $75m higher than that listed above.
* Limit bids used to fill the open interests are marked with an
** Limit Bids and Offers marked with a double asterisk were derived from the bidders' inside markets.