Bloomberg.com, 28 Oct 2008, Patricia Kuo and Jean Chua
Oct. 29 (Bloomberg) -- DBS Group Holdings Ltd. has given a value of zero to most of the S$360 million ($241 million) of structured notes linked to Lehman Brothers Holdings Inc. sold in Hong Kong and Singapore.
The Singapore-based bank, Southeast Asia's biggest by assets, notified Hong Kong investors that the securities will be redeemed on or about Oct. 31, while the redemption date for the Singapore notes is expected around Nov. 3, according to statements on its Hong Kong and Singapore Web sites.
``The credit event redemption amount for the notes has been calculated to zero, and therefore no amounts are due and payable to the holders of the notes,'' DBS said in the notice. In Singapore, the bank said it calculated the value based on bids from five independent dealers.
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