The cutoff date for parties to adhere to the International Swaps and Derivatives Association's 2005 Delphi CDS Index Protocol was last Wednesday, with results from the auction expected to be published as CIN went to press Friday morning. If pricing was unable to be set by the first auction, a second auction was scheduled for later in the day at 1:00 pm with the results to be published at 1:55 pm.
The protocol, which has been in the works for around three weeks following the Oct. 8 bankruptcy filing by the auto parts maker, is designed to offer market participants an efficient way to settle trades that have exposure to Delphi. The multi-dealer auction, which will set pricing on select bonds of Delphi, was scheduled for Nov. 4.
Allen & Ovary, an international legal practice, worked with ISDA on the drafting and completion of the protocol. The firm utilized a six-person team on the project, including Dan Cunningham, David Wainer, Owen Lefkon, David Lucking and Yusuf Battiwala. The team was led by John Williams, senior associate at Allen & Ovary.