AI
Friday, August 26, 2011 9:28:32 AM
I've been watching ING, a good sized euro bank, ever since Joe Stocks was buying ISP (ING's perpetual trust preferred stock) for $7 at the end of 2008.
For the last 2-3 years, you could make good money buying ISP and shorting PRD every time PRD got higher than ISP. (Primus Guaranty is a NY firm with official residence in Bermuda)
Now look at the last six months.
ING's debt has underperformed PRD since March:
http://finance.yahoo.com/q/bc?t=6m&s=ISP&l=on&z=l&q=l&c=prd
So, yes, the euro banks might be ready for a relapse, according to those who speculate in their debt.
For the last 2-3 years, you could make good money buying ISP and shorting PRD every time PRD got higher than ISP. (Primus Guaranty is a NY firm with official residence in Bermuda)
Now look at the last six months.
ING's debt has underperformed PRD since March:
http://finance.yahoo.com/q/bc?t=6m&s=ISP&l=on&z=l&q=l&c=prd
So, yes, the euro banks might be ready for a relapse, according to those who speculate in their debt.
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