Lehman debt protection costs tighten 23 bps-Phoenix

NEW YORK, July 14 (Reuters) - The cost of protecting debt of Lehman Brothers LEH.N against default fell on Monday as a U.S. government plan to bolster major U.S. mortgage finance companies lent support to the whole financial sector.

The cost of protecting Lehman's debt with credit default swaps for five years fell 23 basis points to 340 basis points, or $340,000 a year to protect $10 million of debt, according to Phoenix Partners Group.

The Wall Street Journal reported on Monday that Lehman Brothers executives are mulling a strategic alliance with a partner, a form of share buyback or an asset sale. For details, see [ID:nN14409127]. (Reporting by Anastasija Johnson; Editing by Tom Hals)