Tuesday, May 26, 2009

Biggest Loan Movers: Week Of May 22

GM loans now at 70+, after trading sub 60 in late April. Expectations are that GM secured lenders will be made whole. To those who believe the administration can't wait to pander to first-lien whims, we recommend a front row seat at tomorrow's Chrysler bankruptcy hearing.

Below is a chart comparing relative loan performances for some main names, as well as the average loan price of the selected universe. Some serious optimism going on.

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