Fragen? Antworten! Siehe auch: Alternativlos
The auctions settled at 8.625 cents in the dollar, meaning banks and other investors who had agreed to make these payments in the event of Lehman’s default will have to pay out 91.375 cents on the dollar.Mir ist noch nicht völlig klar, wie diese Auktionen funktionieren. Mal gucken, ob ich da noch was heraus finden kann.
Nevertheless, the settlement of the Lehman CDS highlights the plunge in value of the debt of the investment bank, which filed for bankruptcy nearly four weeks ago. With about $130bn of outstanding bonds, holders of this debt have made severe losses. The bonds were trading at about 80 cents on the dollar just days before Lehman collapsed. The value of Lehman Brothers’ senior bonds hit a new low of 9 cents on the dollar after the CDS results, before rising to 12 cents.Das liest sich ja so, als hätten die Leute am Markt alle aufgegeben, da noch was von der Kohle wieder zu sehen.
In dem Guardian-Artikel kommt die Größenordnung des Problems schön rüber:
Sandy Chen, a banking analyst at Panmure Gordon, this morning described the prospect of mass payment failures as "key drivers of the current apocalypse". He pointed to Barclays and Royal Bank of Scotland as being most exposed among the UK banks to the credit derivative market. Both have bought and sold, in roughly equal measure, £2.4tn of such contracts. […]
Chen believes Barclays and Royal Bank of Scotland are likely to be prominent among those required to pay out on Lehman CDSs. Meanwhile, counterparties failing to meet their CDS obligations to the two banks could lead to significant writedowns. "Against this, tangible shareholders' equity bases of £20bn to £30bn seem like cloth tents in a hurricane," said Chen.