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Points upfront - Bonkers
Tuesday, May 26, 2009
You know emerging markets have gone what the British call “bonkers” when PDVSA, the state-owned oil company that serves as a slush fund for Venezuelan president Hugo Chavez, floats plans to issue $2 billion to $3 billion of bonds and is not immediately laughed out of the market.
What investors in their right mind would place their trust in the rule of law in Venezuela when PDVSA itself has just expropriated several suppliers?
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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 |
