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User Info All CMBX Except AAA at All Time Highs Today in forum [Credit]
Widgeon
Posts: 13481
Incept: 2007-08-30
Green
Region formerly known as the United States
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AA (all lower indices look the same)

http://www.markit.com/information/produc....



AAA (still supported by the Fed/Treas)

http://www.markit.com/information/produc....
Genesis
Posts: 130678
Incept: 2007-06-26
Admin A True American Patriot!
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BOOOOOOOOOOOOOM

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Phirang
Posts: 10157
Incept: 2008-10-25
Green
Flogging a "little person"
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THAT'S WHY P&C is raising rates!

lmao

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I'm not special, and I am not likely to accomplish anything extraordinary in my life. If you are reading this comment, the case is most likely that neither will you. http://www.cracked.com/article_18544_how-the-karate-kid-ruined-modern-world.html
Widgeon
Posts: 13481
Incept: 2007-08-30
Green
Region formerly known as the United States
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Still going ... AA and lower is really spiking.

AAA is moving back upwards quite rapidly also.

Laswyguy
Posts: 8326
Incept: 2007-07-25
Green
Orange County, CA
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BBB,s 7000 over T's? is that basis points, am I reading that right?

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positive alpha - bitches!
Genesis
Posts: 130678
Incept: 2007-06-26
Admin A True American Patriot!
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That would be basis points, yes.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Raster
Posts: 2164
Incept: 2007-08-16
Green
Rar!
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ahh poop.

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"Bah something 'sploded"
- King Karl, Circa November 8, 2010 CE

Pooslinger
Posts: 4378
Incept: 2007-11-06
Gold
Illinois
Online
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smiley
Phirang
Posts: 10157
Incept: 2008-10-25
Green
Flogging a "little person"
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buu buuu booooyah!

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I'm not special, and I am not likely to accomplish anything extraordinary in my life. If you are reading this comment, the case is most likely that neither will you. http://www.cracked.com/article_18544_how-the-karate-kid-ruined-modern-world.html
Laswyguy
Posts: 8326
Incept: 2007-07-25
Green
Orange County, CA
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Bu ****ing ya is right!


Ok back the envenlope math -

If investors want 6895 over T's implies BBB's bid .0345/100 at par at 5% coupon.

So 3 cents to par for BBB's.

So AAA's range from 444-598 over T's.. coupon .1 to .35.
So bid 20 to 27 cents to par for AAA's from Markit.

Sounds about right, but impossible to tell what's in those tranches. I would guess that bids for whole loans aren't close to being that low, but who knows.

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positive alpha - bitches!
Psgirl
Posts: 6039
Incept: 2009-02-18
Green

Banned
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Can someone dumb this down for me?
Zappafan
Posts: 1789
Incept: 2007-11-30
Green
Atlanta
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Commercial real estate is toast. The recent rally in IYR was likely the mother of all head fakes.


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The alternative to not borrowing from a counterfeiting cartel is to be priced
out by those who do
Phirang
Posts: 10157
Incept: 2008-10-25
Green
Flogging a "little person"
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WHAT THE **** IS UP WITH MARKIT?!!

ACcording to the data there, we're TOTALLY ****ed, yet the equities and even IG11 tighten? Huh??!

Is MarkIt reliable anymore?

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I'm not special, and I am not likely to accomplish anything extraordinary in my life. If you are reading this comment, the case is most likely that neither will you. http://www.cracked.com/article_18544_how-the-karate-kid-ruined-modern-world.html
Cubguy99
Posts: 1519
Incept: 2007-07-24
Green
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I think these markit indices are one of the best indicators out there of where we are headed. The ABX indicies tanked hard during the previous rally and ended up giving an accurate signal that we were heading to new lows. The lack of a bounce in CMBX and ABX shows what the market really thinks of Geithner's PPIP. Epic FAIL.

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Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few as possible escaped the common misfortune.
-John Kenneth Galbraith commenting on the behavior of the stock market during the Great Depression

Phirang
Posts: 10157
Incept: 2008-10-25
Green
Flogging a "little person"
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Well there's a divergence between IG and ABX/CMBX emerging. Any credit whiz care to delve into this?

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I'm not special, and I am not likely to accomplish anything extraordinary in my life. If you are reading this comment, the case is most likely that neither will you. http://www.cracked.com/article_18544_how-the-karate-kid-ruined-modern-world.html
Priceless
Posts: 95
Incept: 2008-02-26
Green
Thousand Oaks, CA
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IF CRE is a bust, then wouldn't SRS be a buy at this level ($26'ish). What am I missing?

Thoughts?
Adarak
Posts: 5465
Incept: 2007-07-19
Green
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thats PRICELESS! smiley

What you're missing is the 'search' feature of the forum... or you're missing about 50% of your nut if you used the same logic when it was at $52!

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