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ANZ makes money off Lehman collapse
ANZ said that it made a small amount of money from the Lehman Brothers bankruptcy because it was a net buyer of Credit Default Swaps (CDS) protection against Lehman.
In a statement, ANZ said that: "Aside from the credit intermediation portfolio exposures, ANZ was a net buyer of CDS protection against Lehman. This is where protection has been bought and sold on Lehman's debt. Given Lehman have defaulted and ANZ is a net buyer of protection against Lehman, the effect is a small positive but it is not material to ANZ."
ANZ had a total exposure to the Lehman group of companies of approximately US$120 million, comprised of US$28 million exposure to Lehman Brothers Holdings Inc and US$92m to Lehman subsidiaries.
1 Comments
I wonder if they've collected,
I wonder if they've collected, or this is a paper profit. My understanding is that a lot of the issuers of the CDSs are now in no position to honor the "insurance".