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 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, 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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