except the poor that can’t pay their TV License
Sellers of Anglo defaults may pay 25.5c on euro
Credit-default swaps traders set final recovery values in auctions yesterday of 74.5 per cent and 76 per cent on the senior bonds, according to Markit Group and Creditex Group. Results varied because of the different maturities of notes being auctioned.
Final values for subordinated debt were set at 18 per cent and 18.5 per cent.
Investors can choose not to settle contracts, betting they will get more if losses are imposed on remaining junior notes maturing in 2014 and 2016. – (Bloomberg)
- Anglo Irish Debt Swaps in Restructuring Credit Event (businessweek.com)
- Irish bank bondholders want to minimize pain: sources (reuters.com)