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Strategies & Market Trends : Value Investing
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From: rich evans3/7/2008 12:13:28 PM
   of 78747
 
Risk of Default

Sellers of contracts on CIT demanded 16 percent upfront and 5 percent a year to protect the New York-based company's bonds from default for five years, according to Phoenix. That means it costs $1.6 million initially and $500,000 a year to protect $10 million in CIT bonds. The cost is up from $740,000 a year yesterday. Upfront payments are demanded when investors see a heightened risk of imminent default.

12557WTR2 100.000% 1.000% FIXED 7.250% SEMI-ANNUAL 03/15/2013 09/15/2008 $36.65 YES Senior
Unsecured Notes A2 A

12557WTS0 100.000% 1.100% FIXED 7.850% SEMI-ANNUAL 03/15/2014 09/15/2008 $39.69 YES Senior Unsecured Notes A2 A A
Redemption Information:Callable at 100.000% on 03/15/2009 and every interest payment date thereafter.
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