BNP suggests relative value trade in Dutch finance

Friday, August 16, 2013

Research from BNP suggests going long Rabobank and short ING’s senior debt with CDS 

Comment by: Anonymous. Posted 10 years ago [2013-08-17 01:21:13]

Compelling graph, but one wonders why we should compare Rabo sub to ING senior. The BNP explanation that ratings are comparable is not sound. (Don't trust credit ratings and, especially, don't trust BANK credit ratings.) I'd be more inclined to look at Rabo sub vs Rabo senior to look for departure from normal trading with no apparent logical basis.

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