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Biotech / Medical : Biotech Valuation

CRSP 56.27

-0.7%

3:59 PM EST

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From: Robohogs	4/3/2008 1:24:39 AM
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OT Spread Report Corporate credit spreads came in rather dramatically on Wednesday. Combined with sharp up moves in CIT, CSE and BKCC I have to believe the market is beginning to return to normality. Some of the day over day moves: NA HY 25 bps to 652 (similar to 3/25 level - slightly higher) NA HY B 18 bps NA HY BB 13 bps EM 8 bps EM Diversified 14 bps NA IG 12 bps to 119 bps (tighter by 15 bps vs. 3/25 and in by 75 vs. 3/10) NA IG Hivol in by 18 bps NA Crossover in by 33 bps All are at new lows since March. Europe IG 10 bps to 101.5 (new low since March, in by 8 bps from 3/25) Hivol and Crossovers in by 14-25 bps Japan in by 25 bps to 112 - low for recent moves Australia still wide in 157 area - 7 bps over levels of last few weeks NA leveraged loan pricing which broke 400 bps for first time in months yesterday down another 16 bps to 382. Europe pricing gained another 3/4 of a point to new recent highs. Jon

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