Sino-Forest Corporation (SNOFF)

[ArtieB]

Creditex and Markit to Conduct First Credit Event Auction in Chinese Corporate Credit Market; Sino-Forest Corp. CDS on May 9

ATLANTA, May 8, 2012 /PRNewswire via COMTEX/ -- IntercontinentalExchange's Creditex subsidiary and Markit will conduct a Credit Event Auction to facilitate settlement of credit default swaps (CDS) trades on Sino-Forest Corp. on May 9, 2012. This will be the first credit event auction conducted to settle CDS trades outside of North America, Europe and Japan.

Earlier this year, the International Swaps and Derivatives Association, Inc. (Isda) determined that a credit event had occurred with respect to Sino-Forest Corp., a Chinese forestry company. The final price on Sino-Forest bonds for the purpose of settling CDS transactions will be determined at auction. Participating dealers in Hong Kong and Singapore will use the Creditex Real-Time screen to enter in their price indications and settlement requests.

http://www.marketwatch.com/story/creditex-and-markit-to-conduct-first-credit-event-auction-in-chinese-corporate-credit-market-sino-forest-corp-cds-on-may-9-2012-05-08