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Lehman credit spreads soar to new record-Phoenix

Wed Sep 10, 2008 12:37pm EDT

NEW YORK, Sept 10 (Reuters) - The cost to protect Lehman Brothers LEH.N debt against default soared to a new record on Wednesday after the bank reported a $3.9 billion third-quarter loss, Phoenix Partners Group said.

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Five-year credit default swaps on Lehman Brothers rose 135 basis points to a record 610 basis points on Wednesday, or $610,000 a year to protect $10 million of debt, according to Phoenix Partners Group data. (Reporting by Walden Siew; Editing by Tom Hals)

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