The Greek CDS auction has now completed, settling at 21.5%, or a discount of 78.5% to face value.
RBS came in with the highest bid at 22, follow by Bank of America at 21.625, and JPM at 21.25.
Now that Greek bonds have been priced at a 78.5% discount, the credit default swaps of those who DID NOT accept the Greek bond swaps will now trigger payouts.
Time for the capital balance musical chairs game to commence.
From Credit Fixings