Thomas Cook CDS buyers face bond squeeze as DC ejects 2023 notes from auction

By Dan Alderson

The likelihood of a squeeze on Thomas Cook Group obligations has increased for market participants looking to physically settle their CDS contracts, after the Determinations Committee ruled that the collapsed UK travel firm’s €400 million 3.875% senior notes due 2023 were inadmissible into a credit event auction

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TAGS: CDS Europe High yield bonds Distressed debt Credit derivatives