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May 2009

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Points upfront - politburo
Monday, April 27, 2009

Is Isda's credit derivatives determination committee already developing worrying politburo-like tendencies?

In its first few days, most questions put to it were decided with Kremlin-like unanimity. Take, for example, the UBS poser of 16 April: "Is Dow Chemical Company's guarantee of The Rohm and Hass Company's 6% due 9/15/2017 (CUSIP 775371AV9) a qualifying affiliate guarantee?"

Members (including UBS, which asked the question) voted this down by a margin of 15 to 0.

Stalin would be proud.

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

 

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