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Asian buyers driving callable SSA market have resurfaced in public benchmark deals
◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
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A dispute between Lehman Brothers Holdings Inc. and Wells Fargo concerning repayment rights on a collateralized debt obligation where Lehman served as swap counterparty was set for a pre-trial hearing in March. The hearing was the first of its kind concerning CDO payment waterfall provisions. [In November, the U.K. Court of Appeal backed the validity of the flip clause in the Dante CDO--giving noteholders the right to be paid out before the defaulted counterparty, Lehman Brothers International (Europe). But Lehman argued the case needed to be heard in the U.S. where it is protected by bankruptcy law, and the Bankruptcy Court for the Southern District of New York overturned the U.K. court decision. There now needs to be a special hearing to harmonize the judgments (DW, 1/27.]
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--Michael Fallon, an opposition member of the U.K. parliament and its Treasury Select Committee, bemoaning excessive compensation for traders and investment bankers.
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Commerzbank has filed for a summary judgment in the U.K. High Court in an attempt to avoid a trial after being sued last year by 72 former Dresdner Kleinwort employees claiming to be owed EUR34 million (USD46 million) in bonuses.