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 S&P Global 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.