the visible hand

it is the theory which decides what can be observed – einstein

Lehman CDS auction below expectations

Posted by ecoshift on October 10, 2008

Bloomberg.com: Worldwide
Lehman Initial Swap Auction Indicates Larger Payout (Update2)
By Shannon D. Harrington and Neil Unmack

Oct. 10 (Bloomberg) — Sellers of credit-default protection on bankrupt Lehman Brothers Holdings Inc. would be forced to pay holders 90.25 cents on the dollar under initial results of an auction, setting up the biggest-ever payout in the $55 trillion market.

Preliminary results from an auction to determine the size of the settlement on Lehman credit-default swaps set a value of 9.75 cents on the dollar for the debt, according to Creditfixings.com, a Web site run by auction administrators Creditex Group Inc. and Markit Group Ltd. A final price is scheduled to be announced at 2 p.m. New York time.

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