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UniCredit recommends Portuguese bank negative basis trade
Tuesday, October 13, 2009
UniCredit analysts recommend a negative basis trade on Banco Comercial Portuguese, buying the 5.625% bond maturing in April 2014 at MS+138 basis points, and buying five-year senior protection at 98bp. Analysts argue that the negative basis of 40bp offers a pick-up of 20bp.
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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 |
