Mondovisione, 2 Dec 2008
MAS has been informed by HSBC Institutional Trust Services (Singapore) Ltd, the trustee for the Lehman Minibond notes programme, that the receivers for the Minibond notes series 5 to 10, have taken steps to terminate the swaps between Minibond Ltd and Lehman Brothers Special Financing Inc for series 5 to 8 of the notes. This action follows earlier steps to terminate the swaps in the underlying securities for series 1 to 8 of the notes, and is part of a series of steps that the receivers are taking to minimise risks to noteholders. MAS understands that similar steps will be taken for series 9 and 10 which defaulted on 29 November 2008, and the rest of the Minibond notes series as and when they default and receivers are appointed for them.
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