I find the current price of credit assets to be untenable. The extent of recovery from the 2007/09 crisis is remarkable and although I understand the reasons why everyone is chasing yield, of course I think it will end in tears.
Call - Credit crisis
Prediction - Widening, increase in downgrades and defaults. ITX Europe to widen above 100
Trade - Difficult to execute
Conviction - Medium
Feasibility - Low
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