Pre-migration untagged articles
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At least two companies drew down on Lehman Brothers-led deals before it filed for bankruptcy to ensure access to credit lines.
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A number of smaller U.S. and European managers collateralized loan obligation managers are looking to sell themselves.
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The funding on the SunGard Data Systems term loan "C" was delayed last week, as Goldman Sachs, Citigroup and KKR, the remaining leads on the deal following Lehman Brothers' bankruptcy, looked to arrange a solution to cover the bankrupt firm's portion.
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Al Giammarino, cfo at FairPoint Communications, on whether it will be able to access the remaining portion of a Lehman Brothers-led revolver.
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Beyond the mind-boggling activity on Wall Street last week, borrowers and lenders had basic nuts-and-bolts questions about what happens to the bank loans involving bankrupt Lehman Brothers Holdings. -
It’s been such an extraordinary week that EuroWeek’s editors thought that its readers deserved a special treat. So here it is: an extra-large helping of quotes of the week.
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Volumes traded in the credit default swaps market were enormous and ranges were huge during a remarkable week in which Lehman Brothers filed for Chapter 11 bankruptcy, Merrill Lynch sought and found a buyer in Bank of America, the US government bailed out AIG with a $85bn loan, and the two sole remaining broker dealers, Morgan Stanley and Goldman Sachs were left vulnerable and potentially looking for merger partners.
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Natixis summed up the covered bond market this week: "The rating agencies have been far busier this week than the primary market was."
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Hope dawned at the end of a week of otherwise unmitigated disaster for financial markets as momentum built for US government intervention on a far larger scale than anything seen so far to target the toxic debt at the heart of the global credit crisis.
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Lehman’s bankruptcy and AIG’s downgrade spell bad news for the synthetic CDO market. CDO tranches referencing Lehman might face a one to two notch downgrade and about a 10% mark to market loss, predicted research analysts.
