Lehman crash exposes issuers to swap losses

Lehman Brothers' bankruptcy filing has potentially left issuers of billions of dollars of structured notes unhedged and at risk of markets moving against their underlying positions. The next move for issuers in this situation is unprecedented.

  • 18 Sep 2008

“Most of the issuers I’ve spoken with are considering Lehman to be in default,” said one MTN issuer, adding that he expected issuers to seek alternative hedges for their liabilities, in essence re-swapping the deals.

Lehman was, in the past one of the largest dealers of structured notes for ...

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All International Bonds

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4 HSBC 16,833.19 48 6.49%
5 Barclays 16,808.93 39 6.48%

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Bookrunners of all EMEA ECM Issuance

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1 Morgan Stanley 114.77 1 17.52%
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4 Barclays 64.52 1 9.85%