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- Delphi CDS
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Recovery at default time is different than at bankruptcy exit time. Sometimes vastly different as for Delphi.
In 2005 when Delphi went bankrupt there was some fear of a short squeeze in the underlying bonds a the number of outstanding CDS was 12 times that of the underlying bonds. An auction was held to help get a cash settlement for excess CDSs.
Recovery price: 63.375
Delphi is having some difficulty getting out of bankruptcy and c…
Original Source
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3 March, 2008| Economy |
@ 21:39
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