Tembec
Final Results of the Tembec Auction, October 2nd 2008
Final Price:
83
On Thursday 2nd October 2008, 9 dealers submitted inside markets, physical settlement requests and limit orders to the Tembec auction administered by Creditex and Markit to settle trades across the market referencing Tembec.
The inputs and results are detailed below.
Dealer Inside Markets
| Dealer | Bid | Offer | Dealer |
|---|---|---|---|
| Bank of America | 83 | 85 | Bank of America |
| Citigroup | 84.25 | 86.25 | Citigroup |
| Credit Suisse | 85 | 87 | Credit Suisse |
| Deutsche Bank | 87.25 | 89.25 | Deutsche Bank |
| Goldman Sachs | 90 | 92 | Goldman Sachs |
| JP Morgan Chase | 85.25 | 87.25 | JP Morgan Chase |
| Merrill Lynch | 83 | 85 | Merrill Lynch |
| Morgan Stanley | 88.5 | 90.5 | Morgan Stanley |
| UBS | 84.5 | 86.5 | UBS |
Inside Market Midpoint:
85.875
Adjustment Amounts
Goldman Sachs:
$82,500
Morgan Stanley:
$52,500
Deutsche Bank:
$27,500
Physical Settlement Requests
| Dealer | Bid/Offer | Size |
|---|---|---|
| Bank of America | Offer | 0 |
| Citigroup | Offer | 45 |
| Credit Suisse | Offer | 7 |
| Deutsche Bank | Offer | 0 |
| Goldman Sachs | Offer | 0 |
| JP Morgan Chase | Offer | 7 |
| Merrill Lynch | Offer | 2 |
| UBS | Offer | 0 |
| Morgan Stanley | Bid | 1 |
Net Open interest:
$60 million to sell
| Sum of Buy Physical Requests | $1m |
| Sum of Sell Physical Requests | $61m |
| Sum of Physical Request Trades | $1m |
| Sum of Limit Order Trades | $60m |
Limit Orders
| Dealer | Bid | Size |
|---|---|---|
| Goldman Sachs** | 85.875* | 2 |
| Deutsche Bank** | 85.875* | 2 |
| Morgan Stanley** | 85.875* | 2 |
| JP Morgan Chase** | 85.25* | 2 |
| Deutsche Bank | 85.125* | 2 |
| Deutsche Bank | 85* | 10 |
| JP Morgan Chase | 85* | 10 |
| Credit Suisse** | 85* | 2 |
| Goldman Sachs | 85* | 12 |
| Morgan Stanley | 85* | 10 |
| UBS** | 84.5* | 2 |
| Citigroup** | 84.25* | 2 |
| Merrill Lynch** | 83^ | 2 |
| Bank of America** | 83^ | 2 |
| Deutsche Bank | 80 | 5 |
| Goldman Sachs | 80 | 3 |
| Goldman Sachs | 75 | 17 |
| Credit Suisse | 75 | 5 |
| Goldman Sachs | 75 | 10 |
| Credit Suisse | 74 | 1 |
| Credit Suisse | 73 | 1 |
| Credit Suisse | 72 | 1 |
| Credit Suisse | 71 | 1 |
| Credit Suisse | 70 | 1 |
| Credit Suisse | 69 | 1 |
| Credit Suisse | 68 | 1 |
| Credit Suisse | 67 | 1 |
| Credit Suisse | 66 | 1 |
| Credit Suisse | 65 | 1 |
| Citigroup | 65 | 10 |
| Credit Suisse | 64 | 1 |
| Credit Suisse | 63 | 1 |
| Credit Suisse | 62 | 1 |
| Credit Suisse | 61 | 1 |
| JP Morgan Chase | 60.125 | 10 |
| Credit Suisse | 60 | 1 |
| Merrill Lynch | 60 | 5 |
| Credit Suisse | 59 | 1 |
| Credit Suisse | 58 | 1 |
| Credit Suisse | 57 | 1 |
| Credit Suisse | 56 | 1 |
| Credit Suisse | 55 | 1 |
| Bank of America | 55 | 10 |
| Credit Suisse | 55 | 10 |
| Credit Suisse | 54 | 1 |
| Credit Suisse | 53 | 1 |
| Credit Suisse | 52 | 1 |
| Citigroup | 51 | 10 |
| JP Morgan Chase | 51 | 25 |
| Credit Suisse | 51 | 1 |
| Merrill Lynch | 50 | 10 |
| Credit Suisse | 50 | 1 |
| Deutsche Bank | 50 | 40 |
| JP Morgan Chase | 50 | 5 |
| Credit Suisse | 45 | 2 |
| Citigroup | 41 | 10 |
| Citigroup | 31 | 30 |
** Limit Orders that were derived from inside markets
* Limit Orders that were filled.
^ Limit Orders that were partially filled.