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Does anyone know of any reference that covers the actual trade that was done? This implies a seriously off-market x-cry swap. I would be interested in the terms
by lucozade 11y ago
Does anyone know of any reference that covers the actual trade that was done? This implies a seriously off-market x-cry swap. I would be interested in the terms esp notional and rate.
This article doesn't really explain much (other than that GS has savvy bankers which is nice to know)
- ShinyThings 11y agoThis is the closest I was able to find; it's a Risk.net article from '03: http://www.risk.net/risk-magazine/feature/1498135/revealed-goldman-sachs-mega-deal-greece http://www.risk.net/risk-magazine/feature/1498135/revealed-g... Short answer: it was a 15-20yr CCS in about $10bio notional; the upfront payment amount isn't clear; and Goldman bought 20yr Greece CDS from Depfa to hedge the credit risk. And Nick Dunbar, who originally wrote the Risk article, followed up ten years later with a whole lot more detail: http://nickdunbar.net/2012/01/24/goldman-swap-shows-greece-was-europes-subprime-nation/ http://nickdunbar.net/2012/01/24/goldman-swap-shows-greece-w...
- lucozade 11y ago@ShinyThings. Thank you. Exactly what I was looking for. BTW your account is coming up as dead. In case you weren't aware.