What’s right? What’s wrong? What’s left? What the hell is going on?

John Jansen has the scoop (emphasis added):

A veteran salesman,who is a friend of mine and supporter of the blog, notes a Federal Express security which his shop traded today as an example of the strength of customer demand. The bond in question has a final in 2018 and an average life of 2012. It is an equipment trust structure with a sinking fund. It is small and the remaining balance is around $ 70 million.

Normally investors would take time to examine and understand the structure in a process once described as due diligence. That particular bond traded in five minutes.

Similarly he notes a block of Western Union bonds with maturity in 2016. That is a tough name which trades poorly in the best of times. The block of bonds ($ 17million) traded in about 15 minutes.

What the hell, people? Did someone set the time machine for July 2007?

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