One year after Lehman Brothers developed a credit default swap that referenced preferred securities, eight dealers have come up with a standard form of documentation for this product, which was launched in mid-March. But it might take more than having a lot of dealers involved and standard documentation to work up worthwhile interest in the product.
Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan and Merrill Lynch collaborated with Lehman Brothers to develop the new terms.
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