Monday, June 29, 2009

Loans Versus Bonds Relative Value: Week of June 25

As expected last week, cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 tide in credit is turning. The average loan was 5 bps wider, while toxic bonds, just like that scene in Indiana Jones and cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Temple of Doom, are starting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir descent back into hell, wider by 78 bps on average, and just 23 bps away from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 critical 1,000 bps threshold (after being at 895 bps last week).

Also, to see what a schizophrenic yoyo game even credits have become compare cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Neiman Marcus and TRW bond spreads (wider by about 500 and 850 bps, respectively). Compare cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 TRW action from cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 current week with that from May 28. Lunacy.

While everyone now knows that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 equity market is a manipulated, East Setauket fat-fingered joke (Dow going vertical on more bad news today? enough already), seeing credits act as irrationally should bring many a tear to cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 eyes of any seasoned credit trader.



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