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Bloomberg: Lehman's `100% Principal Protection' Means Pennies for Notes http://www.bloomberg.com/apps/news?pid=20601087&sid=aPQXoCH.… Lehman's Sept. 15 bankruptcy leaves holders of the notes waiting in line with other unsecured creditors for what's left of their money. The collapse has rattled Wall Street's $114 billion structured-notes business, which Lehman, Merrill Lynch & Co., Morgan Stanley and Goldman Sachs Group Inc., all based in New York, used to raise cheaper funding as the credit crisis drove bond yields higher. About three-fifths of the $68.1 billion sold this year were bought by individual investors, according to data compiled by mtn-i, a London-based firm that tracks the market. ``The banks and brokerage firms invent a product, and they push it until it breaks,'' said Roger Robson, founding principal of CapTrust Financial Advisors, a consulting firm in Tampa, Florida. ``Then the regulators step in and fix it. This could easily be the next product they've got to step in and fix.'' Some of Lehman's structured notes traded last week in the secondary market, mtn-i said in a Sept. 23 report. ``Dealers quoted a trading range between 10 cents and 55 cents on the dollar'' for the notes, according to the report. SecondMarket, a New York-based company that provides a marketplace for illiquid securities -- those in which there is no active market -- said in a Sept. 25 statement that it will begin trading Lehman structured notes, as well as bankruptcy claims. |
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| aus der Diskussion: | Lehman Brothers Chapter 11 -> Auswirkung(en) auf deren Zertifikate |
| Autor (Datum des Eintrages): | manyfulddick (29.09.08 10:03:23) |
| Beitrag: | 597 von 2,327 (ID:35323016) |
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