Dealers have reported a surge in business in the wake of the bankruptcy of Lehman Brothers, as former clients of the failed investment bank look for new counterparties to replace hedges.
Bank of China Hong Kong (BOCHK), the 60%-owned subsidiary of Beijing-based Bank of China, has direct exposure to troubled US dealer Lehman Brothers of $69.21 million in the form of Lehman corporate bonds.
Barclays has acquired Lehman Brothers' US investment banking and capital markets businesses, including its derivatives operations, for $250 million.
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The liquidation of Lehman Brothers will be the largest bankruptcy in history, with the defunct investment bank holding consolidated assets of $639 billion and liabilities of $613 billion as of May 31, 2008, according to court documents.
The cost of protection on credit default swaps (CDSs) referenced to the world’s largest financial institutions has skyrocketed as Lehman Brother’s bankruptcy has heightened counterparty credit risk concerns.
Lehman Brothers Holdings Japan started bankruptcy protection proceedings in Tokyo today. Under Japanese law, Lehman Japan will be “prohibited from payment of obligations based on the causes [that] arose on or before September 15, 2008, excluding certain...
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Unwinding the hundreds of billions of dollars worth of assets and liabilities held by Lehman Brothers could take years, according to Tony Lomas, a partner at PricewaterhouseCoopers (PWC), which has been appointed administrator to Lehman Brothers International,...
Lehman Brothers has filed for bankruptcy. In an announcement early this morning, the firm said it intended to file a petition under Chapter 11 with the Southern District Court of New York.
Bank of America announced today it will acquire Merrill Lynch in a $50 billion all-stock deal, rounding off an explosive weekend on Wall Street.
Chief executive Richard Fuld’s plan to rescue Lehman Brothers by selling off many of its operations has failed to stem a fall in market confidence, after the bank predicted record losses in the third quarter of this year.
Lehman Brothers has appointed Eric Felder and Hyung Soon Lee as global co-heads of fixed income.
Lehman Brothers has launched the first issue of its Dual Income Plan, offering investors a choice of 8.8% annual fixed income or 0.71% monthly fixed income. The five-year plan, linked to the FTSE 100 index, provides full return of capital at maturity...
For Barclays Capital, a recent £250 million ($495 million) securitisation of part of UK insurer Aegon Scottish Equitable’s life portfolio proves there’s life left in the life insurance securitisation market.
Erin Callan will join Credit Suisse as head of its global hedge funds business. She was chief financial officer at Lehman Brothers until she was removed from the role in June, several days before the bank revealed it had made a $2.8 billion loss in the...
Lehman Brothers has made two senior appointments to its corporate sales team covering the Asia-Pacific region.
Troubled Wall Street firm Lehman Brothers, still reeling from the announcement that it expects to report a $2.8 billion loss for the second quarter, its first quarterly loss since going public 14 years ago, has relieved two senior managers of their...
Lehman Brothers saw its shares rise dramatically today as it reassured investors about its liquidity supply.
Lehman Brothers in London has become the latest financial firm to suffer losses from unauthorised trader activity, losing a reported $150 million on misvalued exotic equity derivatives trades.
JP Morgan has placed $100 million of extreme mortality bonds for reinsurer Munich Re, in the first foray into the mortality bond market for both firms.
Andrew Morton has been named Lehman Brothers’ new global head of fixed income, following the announcement of Roger Nagioff’s departure on February 5. Nagioff became Lehman’s first global head to be posted outside the US in May 2007.