Investors owning Lehman Brothers bonds face potential losses of close to $120bn, reflecting the sharp reductions in the value of assets that are likely to be left to be paid out to creditors.
In the week since Lehman Brothers, the fourth largest investment bank in the US, filed for bankruptcy, the value of its bonds have plummeted.
Further losses on its derivatives positions, which are still being unwound, could leave even less on the table for bond investors, according to traders.
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