Nomura and CSFB clash


In a case that demonstrated problems with credit derivatives transactions, Japanese bank Nomura and Swiss investment bank Credit Suisse First Boston (CSFB) are wrangling over whether convertible bonds are covered under standard contract terms.

Nomura has asked for $1.76 million in damages in the London commercial courts from CSFB, in a case that involves credit protection on the debt of Railtrack, the UK railway operator that defaulted in October last year. Nomura bought credit protection on

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