Loans Versus Bonds Relative Value: Week of November 5

Last week saw a moderate widening in both bonds and loans, with the broad universe of tracked credits pushing wider to 427 bps and 665 bps for loans and bonds, respectively. This represents a change of 21bps and 8 bps for the two products, with loans curiously widening by a much bigger beta adjusted margin. The bubble bid for risky is still alive and kicking. We anticipate next week's update to bring both of these metric to new YTD tights. Some of the biggest movers were Sungard loans, tighter by almost 150 bps sequentially, and Graham Packaging wider by 100 bps. In bonds, the biggest mover was Neiman Marcus which widened by over 100 bps, and TRW moved out by about 75 bps.

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