Saturday, July 7, 2007

On the Beach

Given the overwhelming importance of CDS's to the current credit and equity markets, I think it useful to examine the relevant indexes (CDX) a bit more in depth.

The CDX.NA.IG index tracks CDS's for 125 investment grade bonds issued by North American corporations and it is followed closely by traders for indications of credit risk perceptions. But just how solid are the ratings of the underlying bonds? It turns out that on average this is essentially an index of BBB+ bonds, as the pie chart below shows. In years past such a rating would hardly be considered "real" investment grade, being just a couple of notches above junk. (I know of several pension funds that refused to buy bonds rated below AA; this is almost impossible right now, if any sort of name diversification is to be achieved.)

So, not only are investment-grade credit spreads abnormally low by historical standards (though rising during the past two weeks), they currently apply to bonds that barely qualify as investment-grade in the first place. This clearly poses a double potential risk for CDS prices, should business conditions weaken.

If this was storm insurance, it would be akin to setting premiums to rock bottom prices, even for houses located in the second row from the beach. Why? Because there hasn't been a storm in several years and underwriters are greedy. Or, think about it in cinematic terms, as the title implies...

8 comments:

Jason B said...

Ratings agencies say their ratings are merely opinions. But, if the really did iterate with the CDO and synthetic CDO's to structure tranches for the best ratings as suggested, they become investment ad visors, and have much more responsibility.

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shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -
teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
ultimate surrender -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
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anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -
la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
megan qt -
megan summers -
met art -
met models -
miss bunny -
my wife ashley -
nasty 19 -
naughty at home -
naughty belle -
naughty fun -
next door nancy -
next door nikki -
nicole graves -
nubiles -
oc girls -
older women -
only tease -
only teen blowjobs -
oral quickies -
pacinos world -
patricia petite -
paul markham teens -
peachez 18 -
phil flash -
planet corrina -
planet katie -
planet mandy -
planet nikki -
planet summer -
play with paris -
porn fidelity -
porn flux -
pregnant girlies -
pretty teen movies -
princess blueyez -
private cuties -
rare asian -
real 8 teens -
reality teens -
rebecca love -
rubber dollies -
sapphic angels -
scar 13 -
seanna teen -
sex city asia -
sex pro adventures -
sexy older moms -
sexy teen sandy -
share my cock -
she got knocked up -
shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -
teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
vip crew -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
amy amy amy -
anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -

Anonymous said...

la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
megan qt -
megan summers -
met art -
met models -
miss bunny -
my wife ashley -
nasty 19 -
naughty at home -
naughty belle -
naughty fun -
next door nancy -
next door nikki -
nicole graves -
nubiles -
oc girls -
older women -
only tease -
only teen blowjobs -
oral quickies -
pacinos world -
patricia petite -
paul markham teens -
peachez 18 -
phil flash -
planet corrina -
planet katie -
planet mandy -
planet nikki -
planet summer -
play with paris -
porn fidelity -
porn flux -
pregnant girlies -
pretty teen movies -
princess blueyez -
private cuties -
rare asian -
real 8 teens -
reality teens -
rebecca love -
rubber dollies -
sapphic angels -
scar 13 -
seanna teen -
sex city asia -
sex pro adventures -
sexy older moms -
sexy teen sandy -
share my cock -
she got knocked up -
shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -
teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
xxx proposal -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
amy amy amy -
anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -
la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
megan qt -
megan summers -
met art -
met models -
miss bunny -
my wife ashley -
nasty 19 -
naughty at home -
naughty belle -
naughty fun -
next door nancy -
next door nikki -
nicole graves -
nubiles -
oc girls -
older women -
only tease -
only teen blowjobs -
oral quickies -
pacinos world -
patricia petite -
paul markham teens -
peachez 18 -
phil flash -
planet corrina -
planet katie -
planet mandy -
planet nikki -
planet summer -
play with paris -
porn fidelity -
porn flux -
pregnant girlies -
pretty teen movies -
princess blueyez -
private cuties -
rare asian -
real 8 teens -
reality teens -
rebecca love -
rubber dollies -
sapphic angels -
scar 13 -
seanna teen -
sex city asia -
sex pro adventures -
sexy older moms -
sexy teen sandy -
share my cock -
she got knocked up -
shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -
teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
8th street latinas -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
amy amy amy -
anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -
la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
megan qt -
megan summers -
met art -
met models -
miss bunny -
my wife ashley -
nasty 19 -
naughty at home -
naughty belle -
naughty fun -
next door nancy -
next door nikki -
nicole graves -
nubiles -
oc girls -
older women -
only tease -
only teen blowjobs -
oral quickies -
pacinos world -
patricia petite -
paul markham teens -
peachez 18 -
phil flash -
planet corrina -
planet katie -
planet mandy -
planet nikki -
planet summer -
play with paris -
porn fidelity -
porn flux -
pregnant girlies -
pretty teen movies -
princess blueyez -
private cuties -
rare asian -
real 8 teens -
reality teens -
rebecca love -
rubber dollies -
sapphic angels -
scar 13 -
seanna teen -
sex city asia -
sex pro adventures -
sexy older moms -
sexy teen sandy -
share my cock -
she got knocked up -
shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -
teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
big naturals -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
amy amy amy -
anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -
la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
megan qt -
megan summers -
met art -
met models -
miss bunny -
my wife ashley -
nasty 19 -
naughty at home -
naughty belle -
naughty fun -
next door nancy -
next door nikki -
nicole graves -
nubiles -
oc girls -
older women -
only tease -
only teen blowjobs -
oral quickies -
pacinos world -
patricia petite -
paul markham teens -
peachez 18 -
phil flash -
planet corrina -
planet katie -
planet mandy -
planet nikki -
planet summer -
play with paris -
porn fidelity -
porn flux -
pregnant girlies -
pretty teen movies -
princess blueyez -
private cuties -
rare asian -
real 8 teens -
reality teens -
rebecca love -
rubber dollies -
sapphic angels -
scar 13 -
seanna teen -
sex city asia -
sex pro adventures -
sexy older moms -
sexy teen sandy -
share my cock -
she got knocked up -
shemales and transvestites -
simon scans -
sleeping tushy -
slippery sara -
smokin hottie -
southern brooke -
southern kalee -
squirting files -
strapon lesbians -
stuffed petite -
stunning serena -
summer banks -
sweetheart ashley -
sweet krissy -
sweet leah luv -
sweet models -
sweet n soft -
taryn thomas -
taste of uk -
teenage depot -

Anonymous said...

teen bitch club -
teen charms -
teen chloe -
teen flood -
teenie palace -
teen karma -
teen kayla -
teen keera -
teen labia -
teen larisa -
teens bj -
teen stars magazine -
tera 19 -
throated -
total super cuties -
toy desire -
tracy parks -
tranny chic -
tushy lickers -
tushy massage -
tushy school -
twinks -
us shemales -
view pornstars -
vika dreams -
vip xxx pass -
wild shemale -
x crib -
x gape -
x lez -
zeina heart -
zoey and friends -
mike in brazil -
1by day -
702 daisy -
1000 facials -
abrianna -
all ashlee -
allison 19 -
all over lexi -
alyssa teen -
amateur galore -
amazing lisa -
amy amy amy -
anette dawn -
ann angel -
annas assets -
ashley brookes -
aunt judys -
bad tushy -
barely evil -
big older women -
big wet butts -
bikini voyeur -
blonde passions -
blue fantasies -
bondage and spanking -
boobs pl -
booty full babes -
brandys box -
bratty brittany -
brazzers pass -
brutal dildos -
busty z -
butts and blacks -
caged tushy -
cali logan -
cheerleader teasers -
cherry jul -
cum 101 -
cum academy -
cum faced asians -
cute chloe -
ddf busty -
diddy licious -
digital angel girls -
dirty lilly -
doctor adventures -
dotor tushy -
dp overload -
easy teen sluts -
emily 18 -
emma 18 -
emy 18 -
enslaved gals -
ericas fantasies -
ero model xxx -
erotic bpm -
explicit art -
fatal beauties -
fresh teen eroticaftv girls -
fun brunettes -
girlfriend handjobs -
goth chicks -
gothic sluts -
gotta love lucky -
guys get fucked -
hands on hardcore -
hardcore saints -
home made porn -
hot chicks big asses -
hot legs and feet -
hot wife rio -
i cum alone -
intermixed sluts -
irina sky -
jenni carmicheal -
jenny reid -
jessica precious -
judy star -
karas handfull -
karen dreams -
karen loves kate -
karissa booty -
karla spice -
kates playground -
katrina 18 -
kelly madison -
kelly q -
kendall blaze -
kira dreams -
kiss kristin -
kori kitten -
krissy love -
kylies secret -
lady boys and shemales -
lanny barbie -
la zona modelos -
lesbo mat -
lick me girl -
little liza -
little nadia -
love leia -
lovely anne -
lovely irene -
lovely tera -
love your tits -
lust for anal -
lusty busty chix -
maniac pass -
martina dreams -
matts models -
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