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Scrap prices for Lehman CDS

Holders of the A$600 million of August 2011 bonds issued by Lehman Bros will not be pleased to learn that the settlement of Lehman's CDS on Friday night determined Lehman's senior debt was worth only 8.625 cents in the dollar. Earlier in the week the CDS settlement for Fannie Mae and Freddie Mac had put values of 91.51 cents and 94 cents on their senior debt and 99.9 cents and 98 cents on their subordinated debt, respectively.

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