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It is becoming increasingly difficult to be surprised by some of the illogical fallout from the credit crisis. But when wrapped triple-A bonds (with a double-A underlying) start to trade outside unwrapped double-A bonds for the same name, it really does seem that all reason has departed. This is what happened in November, when the Ambac-wrapped triple-A bonds issued by BT’s Telereal vehicle were trading wider than its unwrapped double-A bonds.
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