Auction fixes LyondellBasell value
An auction run by data vendor Markit and broker Creditex determined final settlement values for credit derivatives trades referencing three US subsidiaries of Netherlands-based chemical company LyondellBasell.
The February 3 auction set a recovery rate of 20.75% on loan credit default swaps (LCDS) referencing Houston-based Lyondell Chemical, and a final settlement value of 15.5% for the company's CDS.
A final settlement value of 27.5% was set for CDS referencing subsidiary Equistar Chemicals
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