You're right, I misanalyzed that one. Mea culpa. This looks like the credit sell-off that has infiltrated this space as well. Doesn't change the credit profile of what IVR owns but does substantiate the same mark-to-market pressure on BV from a technical sell-off in all credit assets.
No problem, Old School, and I think we're ultimately in agreement that this is more likely a transient pricing issue rather than a fundamental credit issue. The smart money in this market knows exactly what they have and what it's worth.
But if you're the marginal buyer who can't evaluate this stuff, and also happen to be holding a bunch of European sovs that have just been downgraded and you're falling below your min average rating, you're off-side and dumping at this point.
Even so, these drops in Primex are alarming. Someone is either going to make a killing or get fried. Appreciate your analysis.