Secondary Market/Investors
The ‘Race to Zero’ on the ABX Continues …
By
PAUL JACKSON
October 29, 2007 4:09 PM CST
There is no other way to say it - things are getting ugly over on the ABX indices. Of the 20 issues traded, 17 settled at new all-time lows today. SEVENTEEN! I had to screencap the settlement chart for posterity’s sake:
If you’re curious to see what’s taking place in CDS prices in even the most senior tranches, here you go — from ABX-HE-AAA 07-2:
Good thing Halloween is around the corner, because what’s taking place on the ABX right now is just plain S-C-A-R-Y. And it’s not getting any better on the TABX indices, either.
(HW note: For those that don’t know, the ABX indices generally track against the U.S. subprime RMBS market, while the TABX indices are generally used as a proxy for what’s taking place in the CDO marketplace.)
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