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To: pater tenebrarum who wrote (83381)	3/21/2001 11:28:50 AM
From: Shack	Read Replies (2) \| Respond to of 436258

Any thoughts on the Rydex ratio? Message 15538903 I'm surprised the NDX ratio hasn't risen much.

To: pater tenebrarum who wrote (83381)	3/21/2001 11:34:58 AM
From: yard_man	Read Replies (2) \| Respond to of 436258

Hmmm ... >>``Underlying risk has been frustatingly well-bid over the last 10 days,'' one frustrated credit derivatives bear said, who had been hoping for the market to price in some disappointment after Tuesday's 0.5 point cut in U.S. interest rates. ``In spite of the selloff in equity markets, there is no shortage of sellers of credit protection out there,'' the U.S. bank trader added. He cited German mobile phone manufacturer Siemens . While its share price fell four percent on Wednesday, the price of protection on its debt has edged inwards some 15 basis points in the last 10 days, he said. The five year default swap was at 32/42 on Wednesday from 35/45 on Tuesday. Brokers on Wednesday quoted five-year credit protection on British Telecom (quote from Yahoo! UK & Ireland: BT.L) at 160/165, with Deutsche Telekom at 155/165, and France Telecom at 152/162. This was barely changed from Tuesday, despite Moody's announcement on Tuesday that it may cut Deutsche Telekom's A2 long-term rating. <<