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Loans Versus Bonds Relative Value: Week of June 25
As expected last week, the tide in credit is turning. The average loan was 5 bps wider, while toxic bonds, just like that scene in Indiana Jones and the Temple of Doom, are starting their descent back into hell, wider by 78 bps on average, and just 23 bps away from the 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 the Neiman Marcus and TRW bond spreads (wider by about 500 and 850 bps, respectively). Compare the TRW action from the current week with that from May 28. Lunacy.
While everyone now knows that the 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 the eyes of any seasoned credit trader.
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Hi Tyler
I cannot seem to get larger, viewable versions of the graphs. Is that unintentional, or is it Marla's work?
Fixed
Tyler, all the best on launch of new web site.... Am a daily visitor, please keep up the good work!
Could you guys please fix the RSS feed of the new site so that all graphics are shown in RSS as well (same as in old blog)?
re RSS:
In addition to graphics issues, the new RSS feed limits the post-size to the first 500 characters or so, requiring one to click-through to the actual site when reading in an aggregator (i.e. Google Reader). Normally, this is no big deal, but I use Google Reader mobile to follow throughout the day, and this effectively eliminates my ability to follow from my bberry.
Thanks TD and good luck w/the transition
my user account email went straight to spam, so if anyone 'doesn't get' their login link, you may want to check your spam folder.