The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: zebra4o1	9/28/2006 9:31:52 AM
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Spreads on mortgage-backed starting to widen. Well O.K., to be precise, spreads on synthetics composed of credit default swaps on mortgage backed are starting to widen. “We’ve seen macro hedge funds become increasingly negative on the US housing market. It seems to be the one trade that they can all agree on,” said Jack McCleary, head of US asset-backed securities trading at UBS. As a result, the ABX index – which represents a basket of credit default swaps on subprime mortgages and home equity loans – has declined significantly. The lowest-rated tranche of the index has been most affected, widening by around 50 basis points over the last two weeks. Message 22855650

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