Loans Versus Bonds Relative Value: April 6

Yet another improvement in average loan and bond spreads from a weeks ago, when loans were 839 bps and bonds averaged 1574 bps. The Alliance Imaging negative basis is over, with the -15 bps spread last week flipping to a positive 75 bps basis: a nice pickup of 90 bps in a week.

No other notable movers in the 30 name index. If things change markedly, we will notify you.