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Creditflux Newsletter

May 2009

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Points upfront - panicky inactivity
Monday, April 27, 2009

Credit traders spent much of last month in a state that can only be described as panicky inactivity in the face of a credit and equity market rally that few believed would last but few, it seemed, dared bet against.

An emerging markets credit trader at a big dealer reports that he accidentally sent out a pricing email with a bid (for risk) a full one point higher than that day's market price.

"Instead of getting hit, I got 'Wow what a rally,' messages in complete straight-faced sincerity," he says.

Recent bond & loan issuance

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CFlux secondary 
CLO index levels:

Index
21 May
CFlux USD AAA  ↑ 96.2
CFlux USD AA  ↑

88.3
CFlux USD A  ↓ 84.1
CFlux USD BBB  ↓ 75.3
CFlux USD BB  ↓

74.1
CFlux USD EQ  ↑ 77.5

 

>> More information & historical data