Sunday, 28 December 2014
Last updated 3 days ago
Sep 25 2009 | 12:35pm ET
Credit Suisse, which last month bought a Citadel Investment Group claim against bankrupt investment bank Lehman Brothers, is now trying to sell a $1 billion claim of its own.
The Swiss bank is trying to offload a claim tied to about 20,000 derivative contracts to which Lehman, which collapsed last year, was a counterparty, Bloomberg News reports. The claim was one of more than 16,000 filed against Lehman by a court-imposed deadline this week.
Credit Suisse is in talks with hedge funds and private equity firms about the $1 billion claim, Bloomberg reports. It comes as both trading in Lehman claims and the amount claimants are getting for them is steadily rising. Last week, Morgan Stanley sold a $1.3 billion claim for 38 cents on the dollar; Bloomberg reports than other Lehman claims are fetching about 40 cents on the dollar.
Credit Suisse bought a $423 million claim from Citadel in August as the Chicago hedge fund giant’s administration business was pursuing a mandate from Lehman’s administrators. Unlike Citadel, many hedge funds have been active buyers of Lehman claims, including Elliott Management, King Street Capital Management, Paulson & Co. and Silver Point Capital.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.