The list of creditors with material exposure to Lehman Brothers (LEH:NYSE) is long (hat tip to The Deal). There will be dozens of holders of senior notes, subdebt and junior subdebt, so you can’t make too much of the fact that it looks as though the Japanese banks were laid out. We’d need to see the signatories to the Trust Indentures of the three sets of Notes to see just how many financial institutions and debt funds were exposed to Lehman’s various debt pieces:
- US$138 billion of senior notes, which have Citibank and BONY listed as indenture trustees
- US$12 billion of subordinated debt, with BONY listed as indenture trustee
- US$5 billion of junior subordinated debt, also with BONY as indenture trustee
- US$463 million of bank debt provided by Japan’s AOZORA
- US$289 billion of bank debt provided by Japan’s Mizuho Corporate Bank
- US$275 million of bank debt provided by Citibank N.A.’s Hong Kong Branch
- US$250 million of bank debt provided by BNP Paribas
- US$231 million of bank debt provided by Japan’s Shinsei Bank
- US$185 million of bank debt provided by Japan’s UFJ Bank
- US$177 million of bank debt provided by Japan’s Sumitomo Mitsubishi
- US$140 million L/C provided by Svenska Handelsbanken
- US$93 million of bank debt provided by Japan’s Mizuho
- US$93 million of bank debt provided by Japan’s Shinkin Central Bank
- US$93 million of bank debt provided by Canada’s ScotiaBank branch in Singapore via NYC
- US$75 million of bank debt provided by Lloyds Bank
- etc.
Update: According to the Globe & Mail, the credit facility that BNS played in was cancelled today, and was undrawn at the time. Perhaps several of the facilities above had not yet been drawn by Lehman’s CFO. despite being listed as creditors in Lehman’s court filing.
MRM
(disclosure - we own BNS in our household)
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