High Beta Liquidations Begin: Ambac CDS Goes Vertical, +19,827 bps On The Day

Ambac CDS is quoted at 36,289.9, or up 19,827 bps for the day. Yes, yes we know this should be quoted in points up, but this is looks so much prettier this way. For those who want to see what rolling high beta worthless name liquidations will look like, check out this chart from CMA: this is soon coming to pretty much every HY/distressed name that enjoyed the most spectacular bear market rally in history.