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(an email exchange)

>    On Tue, Jul 15, 2008 at 11:03 AM, Mike wrote:
>
>    Should we be looking at selling protection on USTs for 20bps?
>

makes sense

And makes even more sense for the Fed to be selling it:

  1. free money (really sort of a tax for those who want to pay it, but whatever)
  2. assists market functioning

 
 
>
>
>    Sov CDS: ny open 15Jul08
>
>    Credit 5yr 10yrket Credit 5yr 10yr
>    Austria 12.5/15.5 17.0/18.5 Ireland 27.5/30.5 37.0/39.0
>    Belgium 19.0/22.0 26.5/29.0 Italy 41.0/43.0 51.5/53.5
>    Denmark 10.0/12.5 15.0/17.5 Nether 10.5/12.5 15.0/17.0
>    Finland 10.0/12.5 15.0/17.5 Portug 38.0/40.0 48.0/50.0
>    France 11.0/13.0 15.0/17.5 Spain 38.0/40.0 47.5/49.5
>    Germany 6.0/8.0 9.75/10.75 Sweden 10.5/12.5 15.0/17.0
>    Greece 51.0/53.0 61.5/63.5 UK 14.5/17.5 21.0/24.0
>    Iceland 250/290 240/300 US 14.5/18.5 19.0/25.0
>
>


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