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UniCredit recommends autos convergence trade
Monday, June 8, 2009
In latest research UniCredit recommends a convergence trade on French auto firms Renault and Peugeot. Analysts believe that the spread differential of Renault and Peugeot is exaggerated, and hence recommend selling five-year protection on Renault at 350 basis points and buying five-year protection on Peugeot at 285bp.
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Structured
Issuers
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 |
