Anchorage Caught Short in Chatham's McClatchy Trade [Bloomberg Business News]
MCCLATCHY (MNI)
Last mcclatchy earnings: 11/13 09:00 am
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Source: Bloomberg Business News
By Sridhar Natarajan Hedge fund among firms that had been buying CDS on publisher Trade threatnened by deal McClatchy and Chatham have struck Anchorage Capital Group is among the firms caught on the opposite side of a credit-default swaps trade that has sparked the latest round of consternation in the CDS market. The $17 billion hedge fund had been betting against McClatchy Co. by buying credit derivatives that would profit if the newspaper company’s fortunes sour, according to people with knowledge of the matter. But the trade could now backfire, after Chatham Asset Management struck up a deal with the publisher that threatens to make those swaps all but worthless. The trading in McClatchy is the latest to roil the $11 trillion market for credit insurance, where investors have been frustrated by the use of the swaps that run contrary to their intended purpose while catching th
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