250
Senior FINLs CDR Government Risk Index (bps) Senior over Sovereign Sub‐Senior diff Sub‐Sen differential over Sovereign
200
FINLs vs Sovereign Pain Trade!
150
100
50
0 1/3/2007
‐50
4/3/2007
7/3/2007
10/3/2007
1/3/2008
4/3/2008
7/3/2008
10/3/2008
FINLs vs Sovereign Compression worked
1/3/2009
4/3/2009
140
120
100
CDR Government Risk Index (bps) VIX 80
60
40
20
0 1/3/2007
4/3/2007
7/3/2007
10/3/2007
1/3/2008
4/3/2008
7/3/2008
10/3/2008
1/3/2009
4/3/2009