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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (82222)	5/30/2007 12:09:29 AM
From: Wyätt Gwyön	Respond to of 110194

the garbage tranches are still well up off the lows across the board, but the 07-1 series seems especially sick. the like tranches of 06-1 and 06-2 are much healthier, with the 06-1 triple-barf-minus printing well over 90 just a week or two ago. am still pondering whether to "right-size" the bet there -g-. the rationale for lower valuations on 07-1 is that the 06 series have lots of "equity cushion". i wonder how true that is, though--they are for vintages from the second half of 05 and the first half of 06, not exactly bargain basement territory... "Look Out Beloooow!"