September 11, 2008 / 4:17 PM / 11 years ago

Lehman's CDS spreads tighten from session's high

NEW YORK (Reuters) - The cost of protecting Lehman Brothers’ debt with credit default swaps fell about 140 basis points from the session’s high on Thursday amid reports that the firm is actively pursuing a sale.

Five-year credit default swaps for Lehman recently traded around 650 basis points, or $650,000 a year to protect $10 million of debt, down from a high of 790 basis points earlier on Thursday, according to data from Phoenix Partners Group. Lehman’s chief executive Richard Fuld said the company is “actively shopping Lehman,” CNBC reported.

Reporting by Dena Aubin, Editing by Chizu Nomiyama

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