National Bank Australia Limited (NAB) said that it would suffer a $100 million hit to its 2008 cash earnings after hedging $1.57 billion of synthetic collateralised debt obligations (SCDO’s). The company said on-going hedge costs would be around $60 million annually over the next five years.
NAB, which has the highest exposure to US debt of Australia’s big four lenders, said that the hedging arrangements were made with a large, highly reputable global bank.......... ummmmmm "a large, highly reputable global bank" LOL which one? I didn't know there were any left. And why not say who the bank is.
nab to take 400ml hit over cdo writedowns, page-10
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