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To: NickSE who wrote (42570)	5/24/1999 8:01:00 PM
From: Lymond	Read Replies (2) \| Respond to of 86076

Saw more of the same today. High-grade corporate spreads backed out another 3-5 bps, with dealers' immediately fading their bids at any sign of potential selling interest. Some bottom fishers sniffing around, but all in all, very little business being done. The general sense is that this is not October redux; but the fact remains that spread markets are rather dislocated right now, echoing the squishiness seen in emerging markets debt. And gee -- the equity market seems to finally be catching that all is not well in the Garden of Eden.