JPMorgan estimates that the average recovery rate for super-senior tranches of debt - the stuff...

|By:, SA News Editor

JPMorgan estimates that the average recovery rate for super-senior tranches of debt - the stuff that was supposed to be so ultra-safe that it carries the AAA tag - has been just 32%. "No wonder so many investors are now so utterly cynical about anything that bankers or rating agencies might say these days."