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 Markit 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.