HERTZ CORP Auction Results, 24 June 2020
The publication of the final results was delayed until 4:00 PM EST
Final Results of the HERTZ CORP CDS Auction, 24 June 2020
Final Price: 26.375
On 24 June 2020, 10 dealers submitted initial markets, physical settlement requests and limit orders to the HERTZ CORP auction administered by Creditex and S&P Global to settle trades across the market referencing THE HERTZ CORPORATION.
| Relevant Currency |
|---|
| USD |
| Auction Currency Rates | |
|---|---|
| USD/EUR | 1.13345 |
| USD/USD | 1.00000 |
The inputs and results are detailed below.
Dealer Initial Markets
| Dealer | Bid | Offer | Dealer |
|---|---|---|---|
| Bank of America | 23.5 | 25.5 | Bank of America |
| Barclays | 22.0 | 24.0 | Barclays |
| BNP Paribas | 24.5 | 26.5 | BNP Paribas |
| Citigroup | 26.0 | 28.0 | Citigroup |
| Credit Suisse | 26.0 | 28.0 | Credit Suisse |
| Deutsche Bank | 26.0 | 28.0 | Deutsche Bank |
| Goldman Sachs | 22.5 | 24.5 | Goldman Sachs |
| J.P. Morgan Securities LLC. | 24.0 | 26.0 | J.P. Morgan Securities LLC. |
| Morgan Stanley | 20.5 | 22.5 | Morgan Stanley |
| RBC Capital Markets LLC | 25.5 | 27.5 | RBC Capital Markets LLC |
Initial Market Midpoint: 25.375
Adjustment Amounts
Credit Suisse
USD 12,500
Deutsche Bank
USD 12,500
Citigroup
USD 12,500
RBC Capital Markets LLC
USD 2,500
Physical Settlement Requests
| Dealer | Bid/Offer | Size |
|---|---|---|
| Bank of America | Offer | 0.0 |
| BNP Paribas | Offer | 3.525 |
| Citigroup | Offer | 10.0 |
| Deutsche Bank | Offer | 0.0 |
| Goldman Sachs | Offer | 140.0 |
| Morgan Stanley | Offer | 0.0 |
| RBC Capital Markets LLC | Offer | 0.0 |
| Barclays | Bid | 7.0 |
| Credit Suisse | Bid | 15.0 |
| J.P. Morgan Securities LLC. | Bid | 20.0 |
Net Open Interest: USD 111.525 million to sell
| Sum of Buy Physical Requests | 42.0m |
| Sum of Sell Physical Requests | 153.525m |
| Sum of Physical Request Trades | 42.0m |
| Sum of Limit Order Trades | 111.525m |
Limit Orders
| Dealer | Bid | Size |
|---|---|---|
| Goldman Sachs | 26.375^ | 42.0 |
| Credit Suisse | 26.375^ | 25.0 |
| Credit Suisse | 26.375^ | 25.0 |
| Bank of America | 26.375^ | 20.0 |
| Credit Suisse | 26.375^ | 2.5 |
| Credit Suisse | 26.375^ | 2.0 |
| Credit Suisse | 26.375^ | 1.0 |
| Morgan Stanley | 26.375^ | 1.0 |
| Deutsche Bank | 26.0 | 5.0 |
| Credit Suisse** | 25.375 | 2.0 |
| RBC Capital Markets LLC** | 25.375 | 2.0 |
| Citigroup** | 25.375 | 2.0 |
| Deutsche Bank** | 25.375 | 2.0 |
| Goldman Sachs | 25.0 | 10.0 |
| Deutsche Bank | 25.0 | 5.0 |
| Bank of America | 24.75 | 10.0 |
| BNP Paribas** | 24.5 | 2.0 |
| Goldman Sachs | 24.0 | 10.0 |
| Deutsche Bank | 24.0 | 3.0 |
| J.P. Morgan Securities LLC.** | 24.0 | 2.0 |
| Goldman Sachs | 23.75 | 5.0 |
| Goldman Sachs | 23.5 | 24.0 |
| Morgan Stanley | 23.5 | 9.0 |
| Credit Suisse | 23.5 | 7.0 |
| Bank of America** | 23.5 | 2.0 |
| Goldman Sachs | 23.25 | 10.0 |
| Goldman Sachs | 23.0 | 13.0 |
| Goldman Sachs | 23.0 | 10.0 |
| Credit Suisse | 22.625 | 0.5 |
| Goldman Sachs** | 22.5 | 2.0 |
| Barclays** | 22.0 | 2.0 |
| Citigroup | 20.5 | 8.0 |
| Morgan Stanley** | 20.5 | 2.0 |
| Goldman Sachs | 20.0 | 14.0 |
| Morgan Stanley | 20.0 | 9.0 |
| Credit Suisse | 20.0 | 7.0 |
| Barclays | 20.0 | 3.0 |
| Credit Suisse | 19.625 | 0.5 |
| Credit Suisse | 16.625 | 0.5 |
| RBC Capital Markets LLC | 15.0 | 15.0 |
| Credit Suisse | 14.625 | 0.85 |
| Credit Suisse | 13.625 | 0.65 |
| Credit Suisse | 12.625 | 1.1 |
| Citigroup | 12.0 | 10.0 |
| Credit Suisse | 11.625 | 1.0 |
| Credit Suisse | 10.625 | 1.5 |
| RBC Capital Markets LLC | 10.0 | 25.0 |
| Credit Suisse | 9.625 | 1.1 |
| Credit Suisse | 8.625 | 1.2 |
| Credit Suisse | 7.625 | 1.7 |
| Credit Suisse | 6.625 | 2.2 |
| Credit Suisse | 5.625 | 3.3 |
| Credit Suisse | 4.625 | 4.5 |
| Credit Suisse | 3.625 | 6.7 |
** Limit Orders that were derived from inside markets.
* Limit Orders that were filled.
^ Limit Orders that were partially filled.