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A Bloomberg story mentioned that Lehman bonds were trading around an average of 13 cents on the dollar yesterday, indicating that sellers of credit protection against Lehman bonds would have to pay 87 cents on the dollar when Lehman credit defaults settle. This morning it was said that the initial value from an auction-setting process was put at 9.75 cents on the dollar, indicating that those that sold protection against Lehman bonds might have to pay more than they initially thought. We won't know exactly how much until the final settlement value for Lehman credit default swaps is made known at 2 p.m.
