Lehman-Backed Cat Bond Defaults

14 May 2009

The second of four catastrophe bonds that use a Lehman Brothers unit as total return swap counterparty has defaulted.

The second of four catastrophe bonds that use a Lehman Brothers unit as total return swap counterparty has defaulted. The two-year-old, USD100 million bond, issued by Ajax Re, and which protects against losses from California earthquakes, had failed to repay principal in full at maturity, and as a ...

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