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Merchants Bank Troubled by USD70mn Bonds of Lehman Brothers.
SHENZHEN, September 18,.17, SinoCast -- Shenzhen-based China Merchants Banks (600036.SH) on Wednesday announced that it currently holds USD 70 million worth of bonds issued by Lehman Brothers Holdings Inc., a US investment bank which has become bankrupt. Of the total USD 70 million Lehman Brothers bonds, up to USD 10 million are subordinated bonds and USD 60 million are advanced bonds. Comparatively speaking, the USD 70 million bonds are smaller in size than what China Merchants Banks takes in Fannie Mae and Freddie Mac. As of mid-2008, the Chinese lender totally held USD 180 million bonds of Fannie Mae and Freddie Mac, of which, USD 110 million were issued by Fannie Mae and …
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