CIT Group Inc.'s (PKS.CITGQ) bonds will need to pay buyers 31.88% of the insurance they sold, following an auction on Friday to set a value for the company's credit default swaps (CDS). CDSs on CIT's bonds are valued at 68.12 cents on the dollar. Buyers of protection will be paid $3.18 million per $10 million of insurance they held on the commercial lender. Friday's CIT auction is the largest the CDS market has seen to date, with over $6 billion net volume, outstanding on the company's debt.
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About CIT Group Inc.
CIT Group Inc. (CIT) is a bank holding company, which provides commercial financing and leasing products, and management advisory services to clients in a variety of industries. CIT bank is its primary bank subsidiary. It serves clients in a variety of industries, including transportation, aerospace and rail, manufacturing, wholesaling, retailing, healthcare, communications, media and entertainment, and various service-related industries.
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