Citi and BofA tighter by 26bps and 15 bps to 318 and 150bps, respectively.
Equity:
Citi and BofA down by 8% and 6% to $2.77 and $12.14, respectively.
Is capital structure arbitrage, gasp, back? Holy pair trades are again in vogue, Batman. Makes sense, especially with US Sovereign CDS slightly wider even as Goldman is providing gobs of liquidity to today's market as usual (i.e., equities up, up, up).
Or maybe something purely in the derivative realm: buying puts and selling protection., with implied vol thru the roof.
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