Goldman Sachs Group Inc (GS) Financial News - Bank of America Leads Jump in Default Swaps on U.S. Lenders
Goldman Sachs Group Inc (GS)
Bank of America Leads Jump in Default Swaps on U.S. Lenders
2011-08-08 11:01:25Quote: A Goldman Sachs Group Inc. research team led by economist Jan Hatzius said in a note to investorsthat â€œS&P has indicated that it would not immediately downgrade any banks or broker dealers in relation to a sovereign downgradeâ€ although â€œMoodyâ€™s has indicated that it might in the event that it downgraded its U.S. Sovereign rating.â€ Swaps Prices Contracts on Charlotte, North Carolina-based Bank of America, which rise as investor confidence deteriorates, gained 24 basis points to 232 basis points as of 8:35 a.m. in New York, according to broker Phoenix Partners Group. Swaps on New York- based Morgan Stanley jumped 22.9 to a mid-price of 221.6, the highest since July 2010, prices from data provider CMA show. Goldman Sachs Group Inc. (GS)JPMorgan Chase & Co. (JPM)Wells Fargo & Co. (WFC) rose 10 to 120, according to Phoenix. Contracts on Citigroup added 17.3 to a mid-price of 179.8, CMA prices show. The contracts pay the buyer face value if a borrower fails to meet its obligations, less the value of the defaulted debt. A basis point equals $1,000 annually on a contract protecting $10 million of debt. email@example.com@bloomberg.net firstname.lastname@example.org ...
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