Lot of hoopla today from Bubble folks...on Ball Corp 10 yr 2.875s for a Ba1 Credit..priced at +230bps...in the 1990s...BBs traded inside 150bps. ain’t the issue...
The real takeaway is the 10 year that’s the real Bubble at a 176x P/E. #DV01
bonds are still trading at +506bps. Not a Bubble based on history. #Reflation
CCCs spreads are collapsing... but still at +1,221 bps...still far away from Bubble tights of +423bps.
10 year unwinding... +3bps to 60bps...now only trading at a 166x P/E
HY 5Y CDSI -6bps to 391bps this a.m. Spreads continue to compress on #Reflation
continues to be a dumpster fire.
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