To follow up on my comment yesterday about the markets perception of the credit of the State of California and Illinois, Illinois has officially taken the baton of the most financially troubled state in the country as measured solely by the 5 yr CDS market. Illinois 5 yr CDS is trading at 305 bps vs California at 296 bps. New York is #3 at 250 bps, the highest since Apr ’09 and up 50 bps in just the past 2 weeks.
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