CIT – prices of their bonds on Friday (and the Credit Default Swaps that protect the buyers) strongly suggest that Chapter 11 is in CIT’s short term future. Bonds that mature in November are at $.73 on the dollar Bloomberg story. If you bought those bonds and they did NOT default and paid back face value on November 1st, you would earn an annual interest rate of about 350%…. hence nobody believes they will get their money on November 1st.
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