This is an update on how much Kyle Bass possibly made from his CDS on Greek debt and how much will soon receive. We still do not have the official numbers but we believe the profit is about $10 billion which will put Hayman Capital on top of performing hedge funds as well as Kyle Bass in the billionaire's list.
It is unknown how much CDS Kyle bought but average CDS contract signed is for $10 million. According to unofficial information Bass bought $15 million of Greek CDS, and that means he will receive $10 billion USD when the insurance is paid. Bass might have bought more, in which case he might now be one of the richest people in the world but we still don't know.
Considering that he has $726 million assets under management and that about 20% of the assets were put in CDS and other instruments to bet against Greece, Portugal, Ireland, Japan... we believe that Greece bet is at least $15 million. As soon as we have the official numbers we will update this post.
More about his bet was posted in the previous post: Kyle Bass Profits 700 times on Greek CDS payout
Kyle Bass, an American hedge fund manager, is the Founder of Hayman Capital. He received extensive coverage in the financial press for profiting $590 million by short selling the sub-prime mortgage bond market, before that market crashed. In 2011, Bass initiated a huge position in Greek sovereign debt through CDSs. Media reports were that he could profit up to 650 times his investment should Greece default on its debt obligations.