Dana Auction Results

This 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 S&P Global 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 Markets

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
        

Market Orders

*One of the Market Orders above was originally submitted in an amount $75m higher than that listed above.

 

Limit Bids

* Limit bids used to fill the open interests are marked with an asterisk.

** Limit Bids and Offers marked with a double asterisk were derived from the bidders' inside markets.

  

Limit Offers

Return to 2006 Auction Results