HBOS moves to buy corporate debt cheaply in market turmoil

Discussion in 'Wall St. News' started by ASusilovic, Aug 12, 2007.

  1. Aug 12, 2007

    LONDON (MarketWatch) -- HBOS PLC (HBOS.LN), the U.K.'s biggest lender, is offering to intervene in the turmoil hitting global markets by buying up corporate debt on the cheap, reports The Sunday Telegraph newspaper, citing City sources.
    As the European Central Bank was forced to step in to keep markets functioning on Thursday, HBOS decided at a senior level to make offers to the City's top investment banks for low-risk debt. The bank bought again on Friday and is expected to continue to buy next week.
    A HBOS spokesman declined to comment on the report.
    Newspaper Web site:

    Some dip buyers on their bargaining tour...:p