Washington Mutuals Covered Bonds Harvard Case Solution & Analysis

Washington Mutual issued 6 billion euros of covered bonds in 2006. The purpose of the case to ask whether these bonds are undervalued at the end of 2008. The case is set in September 2008, Washington Mutual is facing considerable distress due to mounting losses on its mortgage portfolio. The next chapter of the investment bank Lehman Brother at 11 bankruptcy filing in mid-September, the prices of bonds with Washington Mutual fell to 75,100 face value. Because these bonds overcollateralized, case asks students to evaluate the main portfolio of collateral in the event of liquidation, as well as estimates of the probability of various outcomes. It takes place in a time of great uncertainty in the global capital markets. "Hide
by Daniel B. Bergstresser, Robin Greenwood, James Quinn Source: Harvard Business School 24 pages. Publication Date: March 13, 2009. Prod. #: 209093-PDF-ENG

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