
Yet in terms of equity price performance since Mar 9, C is up 183%, BAC is up 94%, JPM is up 72% and WFC is up 51%. Considering that CDS for C is wider now than it was when C was trading under $1, I have to wonder whether the equity market got a bit too optimistic on C surviving.
Being a bond guy, meaning I tend to see the glass as half empty, my inclination is to believe the increased betting on Citibank defaulting.
Caveat emptor
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