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UniCredit recommends Siemens-STMicroelectronics relative value trade
Monday, November 9, 2009
UniCredit analysts recommend selling five-year protection on Siemens at 64 basis points and buying protection on STMicroelectronics at 58bp for a pick-up of 6bp in today’s research. The relative value trading idea is made based on the fact that Siemens is better rated with a better rating outlook, while ST’s five-year CDS is expected to trade wider than Siemen’s once market volatility increases
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Structured
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CFlux secondary
CLO index levels:
| Index | 30 Jan |
|
| CFlux USD AAA | ↑ | 94.6 |
| CFlux USD AA | ↑ | 81.9 |
| CFlux USD A | ↑ | 75.7 |
| CFlux USD BBB | ↑ | 73.4 |
| CFlux USD BB | ↑ | 69.9 |
| CFlux USD EQ | ↓ | 50.9 |
