Lehman Minibonds Took Bankruptcy Claims Trading To Record
July 19 2011 - 7:09PM
Dow Jones News
A record $2.96 billion in bankruptcy claims traded hands in the
secondary market last month, after Standard Chartered Bank settled
a dispute with its Hong Kong customers over structured notes linked
to Lehman Brothers, according to figures released Tuesday by claims
trading marketplace SecondMarket, Inc.
In March, Standard Chartered agreed to buy back HK$1.48 billion
of the Lehman-linked products it had sold, enabling holders to
recover some of their investments.
The record face value in June represents 1,809 transfers for
that month, compared to the previous high of 1,530 claims
transferred in March 2010, and was 158% higher than levels seen in
May.
Some 1,236 claim transfers took place in June tied to Lehman
Brothers Holdings Inc. for a face value of $2.9 billion, which is
the bulk of the overall monthly tally, at an average amount of
$2.35 million per claim.
Standard Chartered transfers accounted for only 13% of the
Lehman claims traded by dollar amount, but 72% of the number of
claims between buyers and sellers.
The volume of Lehman Brothers Holdings claims transferred in the
last 12 months has totalled $29.2 billion, SecondMarket said, or
4,019 transfers over that period.
-By Katy Burne, Dow Jones Newswires; 212-416-3084;
katy.burne@dowjones.com
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