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Points upfront - Spin
Tuesday, May 26, 2009
Belgian bank KBC takes this month’s prize for putting a positive spin on bad news after putting out a press release on 14 May headlined “An encouraging start to the year”.
Since the announcement goes on to detail €3.8 billion of new structured credit write-downs and a new bail-out from the Belgian government, it begs the question: what would a bad start to the year look like?
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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 |
