NEW YORK, May 10 (Reuters) – The New York Federal Reserve said on Thursday it sold all its TRIAXX collateralized debt obligations from a portfolio of assets that was used in the government bailout of insurer AIG to Merrill Lynch, following a competitive bid process with eight other Wall Street firms.
Terms of the sale of the assets from the portfolio known as Maiden Lane III were not disclosed, though the New York Fed did say the assets were sold at a profit.
Merrill, the broker-dealer unit of Bank of America, beat out Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs , Morgan Stanley, Nomura and RBS Securities.
"The winning bids, which were materially higher than the original prices ML III paid, demonstrate continued interest in these assets and represent good value for the public," said New York Fed President William Dudley in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
