Ferretti

Ferretti is an Italian luxury yacht maker, whose immediate debt amounts remain unavailable. The company missed an interest payment on just over €1 billion of senior loans, which were used to finance its majority stake buyout by London-based private equity firm Candover in 2007.

On 9 February, LevX dealers voted for a credit event auction to settle loan-only credit default swap trades referencing Ferretti, who is an index constituent. The auction, which took place on 26 February, saw no physical settlement requests. Net open interest was zero - the first time in a first lien loan auction. The final price on Ferretti's first lien loans at 10.875 points, which was the inside market midpoint. Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, and UBS participated in the auction.