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Tej Singh leaves firm suddenly
Investor tells GlobalCapital it liked the portfolio’s diversity, data depth and sustainability impact
Bank’s €1bn transaction is most granular so far and found new buyers
Market participants gathering in Stavanger will focus on market growth
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The fate of billions of euros of asset backed securities sponsored by Lehman Brothers, or with the bank as a counterparty, hangs in the balance as Moody’s announced a sweeping review of all such transactions with others expected to follow. Analysts predicted downgrades and defaults in the underlying loans. The threat of forced sales of its real estate assets and asset backed securities also looms large in an already febrile market.
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• $3.9bn Q3 loss racked up after Alt-A hedging failure • $30bn plan to spin-off REI comes too late • Fannie and Freddie bailout euphoria wiped out Lehman Brothers was front, back and centre of events in the credit market this week and at the close in New York yesterday rumours gathered strength that Bank of America is poised to rescue the ailing investment bank.
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Lehman Brothers began the week reshuffling its senior management in global fixed income and across the European investment bank as it attempted to put in place a team that could guide it through an independent future.
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Korea Development Bank has re-emerged as a potential bidder for a stake in Lehman Brothers, despite comments from Korea’s top financial regulator last week that such an investment was too risky for a state-owned institution.
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The chairman of Korea’s Financial Services Commission poured cold water on any plans the Korea Development Bank may have had to acquire a stake in Lehman Brothers this week, arguing that a state-owned bank, albeit one which is due to be privatised, should not take such risks.
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A noose of market speculation and rumour tightened around Lehman Brothers this week pushing five year default protection on the venerable New York investment bank wider by 70bp to 375bp — equivalent to a lowly double B rated credit.