Forex News The cost of protection on the senior debt of Merrill rose to 335 basis points or $335,000 after the firm unveiled a loss of $4.65 billion or $4.97 a share. This is compared with 325 basis points or $325,000 beforehand, broker Phoenix Partners Group said. The firm's shares fell 4% in late trading. The headline numbers from Merrill are pretty drastic compared to expectations," Managing Director and investment-grade portfolio manager Richard Cheng at TIAA-CREF in New York said.
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