Goldman Sachs bought $24 billion CDS portfolio from UBS
UBS in Australia sold off its CDS portfolio in fixed income scale-back, source reveals; deal was part of efforts to meet impending capital requirements
Goldman Sachs purchased a portfolio of 4,500 Australian credit default swaps (CDSs) from UBS last year, after the Swiss bank opted to retrench from the fixed-income business across Europe and Asia, a source has revealed.
The deal was concluded in November with Goldman coming out winners for a portfolio of mixed Australian index CDSs with between two and five years' duration remaining.
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