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Dealers vote to hold Truvo loan CDS auction
Wednesday, July 7, 2010
LevX market-making dealers today voted to conduct a credit event auction to settle second lien loan credit default swap trades referencing Truvo Subsidiary Corp, says Markit. This follows last week’s vote by the Isda determinations committee to hold an auction on CDS trades.
Truvo is a constituent of LevX subordinated series two and three. Recoveries on Truvo loans are expected to be significantly higher than the company’s bonds, which were trading at less than five cents at the time of default.
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CFlux secondary
CLO index levels:
| Index | 6 Feb |
|
| CFlux USD AAA | ↑ | 94.9 |
| CFlux USD AA | ↓ | 81.3 |
| CFlux USD A | ↓ | 75.0 |
| CFlux USD BBB | ↑ | 74.8 |
| CFlux USD BB | ↑ |
72.1 |
| CFlux USD EQ | ↑ | 67.6 |
