Coelacanth

Bond Trader: Friday Wrap

It's a good sign junk bond financing issuance here and in the euro-zone was at a 5 year high in April. A steepening yield curve is welcome too. The 3 month Libor started easing even before the Fed, the ECB and Swiss central bank got involved but it may help it come down some more now that they have. It'll be fits and starts for a while.

Did B of A finding something smelly hiding at Countrywide? Having a hard time valuing some of those mortgages? LOL. The market barely noticed when S & P down graded CFC's debt to junk on Friday. It also didn't make a big deal when B of A recently reported a sizeable loss in earnings was due to defaults on credit cards and car loans.

It will when it affects earning further out.