• 10 Oct 2008 at 2:05 PM

Lehman Auction: Final Results

By

1:15 pm “Due to the large open interest, the secondary bidding period for the Lehman auction opened a few minutes early, and is to be extended to 1:30pm. Final results will be published at 2pm as expected.”
Ooooh. Don’t tease me!
2:04 pm Hmmm, I wonder what’s keeping them. The 2pm deadline is passed.
2:09 pm Final Results of the Lehman Brothers Auction, Friday 10th October 2008;

Final Price: 8.625
Final Results of the Lehman Brothers Auction, Friday 10th October 2008 [Creditfxings]

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Comments (77)

Older Comments
  1. 1
    Posted by guest | October 10, 2008 at 2:07 PM

    Not enough body bags

  2. 2
    Posted by guest | October 10, 2008 at 2:08 PM

    shamwow mayonaise

  3. 3
    Posted by guest | October 10, 2008 at 2:09 PM

    8.625

  4. 4
    Posted by guest | October 10, 2008 at 2:10 PM

    http://www.creditfixings.com/information/affiliations/fixings/auctions/current/lehbro-res.shtml
    8.625%

  5. 5
    Posted by guest | October 10, 2008 at 2:10 PM

    The PPT is branching out?

  6. 6
    Posted by guest | October 10, 2008 at 2:11 PM

    Damn. Wish they would have gotten to 10.

  7. 7
    Posted by guest | October 10, 2008 at 2:13 PM

    The PPT is branching out?

  8. 8
    Posted by guest | October 10, 2008 at 2:14 PM

    May be good news for the market regardless. Now we have a price, and can put LEH behind us.
    GS doesn’t seem to care; the stock is rallying from the day’s lows.

  9. 9
    Posted by guest | October 10, 2008 at 2:16 PM

    MS is bk.

  10. 10
    Posted by guest | October 10, 2008 at 2:18 PM

    shamwow mayonaise

  11. 11
    Posted by guest | October 10, 2008 at 2:21 PM

    Looking at the bids from individual banks – sorry if this makes me a total dumbass – those banks with initial offers are those that had sold protection on LEH? IE – they’d had bonds delivered to them that they now needed to offer out to market?
    Which would ostensibly make GS, Deutsche and CS the biggest losers from the auction?

  12. 12
    Posted by guest | October 10, 2008 at 2:26 PM

    8.62 long, didn’t read.

  13. 13
    Posted by guest | October 10, 2008 at 2:30 PM

    WhoTF cares? In two weeks, the CDS species as we know it will be extinct anyway. The sooner the better.
    he Guy from Delaware

  14. 14
    Posted by guest | October 10, 2008 at 2:30 PM

    What happened to the 9.75 that was quoted earlier? Was that just an estimate?

  15. 15
    Posted by guest | October 10, 2008 at 2:37 PM

    Shorts getting squeezed and margined longs sold out…
    Is this capitufuckinglation?

  16. 16
    Posted by guest | October 10, 2008 at 2:38 PM

    my ass is bleeding…

  17. 17
    Posted by guest | October 10, 2008 at 2:40 PM

    Equity Private,
    Can you call someone at the creditfixings and get a concise and accurate explanation of this report?

  18. 18
    Posted by guest | October 10, 2008 at 2:41 PM

    my ass is bleeding…

  19. 19
    Posted by guest | October 10, 2008 at 2:42 PM

    I want everyone to know I have received all your prayers and as much as I would like to step in and fix everything and end your suffering I can not. There are no easy fixes in this world and market forces need to process this mess. You may be angry with me but this is tough love my children.
    Baby Jesus

  20. 20
    Posted by guest | October 10, 2008 at 2:44 PM

    Hey #11 – are you a dude?

  21. 21
    Posted by guest | October 10, 2008 at 2:46 PM

    I don’t know dick about bonds or CDS. Can someone translate the results for me?
    Is this better, worse or as expected?
    and so what?
    Thanks

  22. 22
    Posted by guest | October 10, 2008 at 2:46 PM

    http://www.markit.com/information/affiliations/fixings/auctions/current/credit_event_auction_primer.pdf

  23. 23
    Posted by guest | October 10, 2008 at 2:56 PM

    @24: sweet #21 too long, didn’t read.

  24. 24
    Posted by guest | October 10, 2008 at 3:01 PM

    Am I reading the individual bank results right? That GS was the big loser here, as it had the biggest offer?

  25. 25
    Posted by guest | October 10, 2008 at 3:16 PM

    netting….

  26. 26
    Posted by MarshallStack | October 10, 2008 at 3:27 PM

    Does the counter party really matter?
    Aren’t we all friends here?
    Can’t we all just get along?
    WTF happens on Monday with only equities as a source of funds?

  27. 27
    Posted by guest | October 10, 2008 at 3:40 PM

    omg – the auction happened and we’re all still alive. LEH debt been trading at 15% of par for 3 weeks so anyone w/ half a brain (and a bberg terminal) knew the ballpark recovery was going to be 10-20 area.

  28. 28
    Posted by guest | October 10, 2008 at 3:44 PM

    This was only $5 billion of debt. Where’s the rest of it?

  29. 29
    Posted by guest | October 10, 2008 at 3:54 PM

    30 -
    So Daddy wouldn’t mind if you were off by 16 to 131%?
    Even taking the 15, that’s off by 75%.
    If it were your money, you might be concerned with that.

  30. 30
    Posted by guest | October 10, 2008 at 3:58 PM

    Half-Brain Ques: Everyone is reporting what this means.. setting CDS payout, triggering etc.. Thx for the link to the b/o from the banks… But WHAT was being bid on? Doesn’t a bk court determine LEH assets, meaning a grey area for final payout? At root, what’s to prevent mad manipulation of this 8 5/8, by some properly levered party? Links appreciated!

  31. 31
    Posted by guest | October 10, 2008 at 4:05 PM

    @#32…
    most of the pain was already taken when bonds were 15% of par. another 6 3/8 points isn’t going to move the needle. also – the auction price only sets the recovery for the CDS contracts which we all know are a zero sum game. so for each person that was short a contract (long credit) and lost more than they thought there was someone long a contract (short credit) that made more than they though. the ultimate recovery of the senior unsecured obligations won’t be known until the BK process is complete (may take years).

  32. 32
    Posted by guest | October 10, 2008 at 5:18 PM

    Which of the Lehman bonds does the CDS reference? Srs? Subs? or is it the general obligation credit (like a General Unsecured creditor in bk)?

  33. 33
    Posted by guest | October 10, 2008 at 6:54 PM

    What does this means for me?
    If i have a bond with Lehman that was supposed to pay me 100 USD, will it now pay me back just 91 USD or just 8 USD?
    Or, has this auction nothing to do with my bonds?
    Thanks

  34. 34
    Posted by guest | October 10, 2008 at 10:59 PM

    @36 – no direct impact on your bonds. Indirectly the auction sets current mkt clearing price for the bonds. See @34 above – recovery on the sr. unsecured paper won’t be determined for months. Probably better off unloading now at ~9c on the $ than waiting it out.

  35. 35
    Posted by guest | October 11, 2008 at 12:14 PM

    @ 11 and other retards.
    Jesus just because CS/GS wrote a lot of protection doesn’t mean they lost out.
    Haven’t you jackasses ever heard of HEDGING??
    Back to Yahoo finance for all y’all.

  36. 36
    Posted by guest | October 13, 2008 at 4:24 AM

    38 – yeah, I did. Making an ASSUMPTION that all the writers are adequately and effectively hedged makes you the ‘jackass’ though.

  37. 37
    Posted by guest | October 13, 2008 at 10:01 AM

    @39, you are quite clearly the larger jackass in this situation.
    You said (and I quote), “Oh noes, Goldman, Deutsche and CS must have lost out cos they wrote all that protection lolz”; thereby presuming they weren’t hedged at all.
    ASSUMPTION on your part.
    I pointed out that this wasn’t the case as they are probably hedged.
    NO ASSUMPTION on my part.
    All aboard the fail boat for you, friend.

  38. 38
    Posted by guest | October 13, 2008 at 12:17 PM

    Oh dear. A pissing competition. How’s your comprehension?
    You, quite precisely, don’t quote. Nowhere do I say that they ‘must have’ lost out, oh noes, lolz or not. Look the word ‘ostensibly’ up. You are assuming that they ‘are probably hedged’. Hmm. Because these institutions’ risk management is failsafe, right?
    Given that I also took the trouble to apologise in advance for being a dumbass, you might want to consider what you’re really gaining from calling me a retard and a jackass on an anonymous message board. Maybe you’d be more at home at Yahoo?

  39. 39
    Posted by guest | October 13, 2008 at 3:49 PM

    Make sense man, your ramblings are almost incomprehensible; despite your carefully placed apostrophes.
    My ‘quotation’ of yours was SARCASM you fucking tool, sarcasm.
    Right, you made the assumption; I didn’t. You then claimed I’d made the assumption in the first place; and now you’ve even had the nerve to attempt to hoist me on my own petard with my ‘Yahoo’ gag.
    Genuinely pathetic.

  40. 40
    Posted by guest | October 14, 2008 at 5:42 AM

    Alright, let me make it simple:
    You ASSUME they ‘are probably hedged’
    I say ‘would ostensibly make GS, Deutsche and CS the biggest losers’
    When your reading comprehension is equivalent with your (admittedly quite amusing) flaming, you’ll understand that you are the ‘fucking tool’ here.

  41. 41
    Posted by guest | October 14, 2008 at 6:11 AM

    It just doesn’t make sense to say I assumed that something might happen; like saying saying it works all the time 60% of the time. Why are you doing this?

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