The latest culture as recommended by our staff

Michael Henderson

Michael Henderson suggests


Lehman CDS: Low price, low volume

Felix Salmon of Portfolio.com
Friday, 10th October 2008

So, how did that Lehman CDS auction go? On the face of it, not well: the initial recovery price is just 9.75 cents on the dollar. But if you were expecting 86 cents of losses based on a 14-cent recovery, then your losses have only gone up by 5% with a 9.75 cent recovery.

More to the point, the open interest to sell is less than $5 billion, which is much lower than some of the scariest figures which had been bandied around. If the biggest losses add up to less than $5 billion, I think that counts as dodging a bullet

Subscribe to the Market Movers RSS Feed
 

   Previous Back to Trading Floor   Next 

Blogs: Americano | Coffee House | Clive Davis | Melanie Phillips | Stephen Pollard

Actions: Print this article   |   Email to a friend   |   Permalink   |   Comment

Post this entry to:   del.icio.us | Digg | Newsvine | NowPublic | Reddit

Comments

Post a comment


Your comment:*

Your name:*

Your email address:*
(We won't publish this)

*Required information

Please click the button only once - your comment will not be published immediately

The Spectator Parliamentarian Awards
Weekly update

A new job for the IMF: as global policeman

Elliot Wilson 26/11/2008

Carbon footprints

Elisabeth Jeffries 26/11/2008

General Motors must be allowed to crash

Matthew Lynn 26/11/2008

‘These clouds will have a silver lining’

Judi Bevan 19/11/2008
Spectator recommends

The Captains Choice Tour

Luxury all inclusive travel to remote and exotic destinations.

Book Farm and Cottage Holidays Direct

Save money on your farm and cottage holiday by booking direct with the owner. We have a range of places...


Spectator classifieds

ROME CENTRE

PORTA METRONIA, ROME Standing high on the top of one of the seven hills of Rome- the Coelian- this unique

City Breaks. ROME and PARIS

ROME and PARIS: over 350 holiday rentals apartments listed: visit  www.romanreference.com  and  www.parisreference.com or call +39 0648 903612.

Jewellery. RUFFS (Estd. 1904).

Goldsmiths by Design Welcome to Ruffs!  You have found a company of Goldsmiths that specialises in the manufacture, amongst other