Primus Guaranty seeks IPO

Bermuda-based credit default swaps marketer Primus Guaranty has registered a statement with the Securities and Exchange Commission for a proposed initial public offering of its common shares.

Lehman Brothers is acting as the sole book-runner, with Morgan Stanley acting as the joint lead manager and Credit Suisse First Boston as the senior co-manager.

Primus Guaranty, through its subsidiary Primus Financial Products, offers protection against default on investment-grade credit obligations. It does this through the sale of credit default swaps to dealers, banks and portfolio managers. Another subsidiary of Primus Guaranty, Primus Asset Management, manages the credit swap portfolio of Primus Financial and offers credit default swap portfolio management services to third parties.

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