There is not a lot of new information in corporates since last I wrote earlier in the day. The most interesting factoid is the Metropolitan Life hybrid deal. The giant insurance company is offerng $500 million of a 60 year non call 25 year deal with a spread nearly 500 basis points over the Treasury 30 year.
I know that this stuff has hair on it and is entirely unfashionable in the current highly stressed environment. But it seems easy to me to conclude that the projected pricing is not a credit issue but a function of illiquidity. For an investor who does not mark to market daily and can absorb some volatility this seems like a great purchase.