And look at HY indexes. The marks that have been in the media are roughly where other HY bonds have moved. Banks have bids but they are seeking bids from hedge

And look at HY indexes. The marks that have been in the media are roughly where other HY bonds have moved. Banks have bids but they are seeking bids from hedge funds that trade in distressed debt, who are obviously going to bid with a markup (the same thing happened with British corporates a few months, because pension funds had to sell they had to take bids from hedge funds so the bonds went from 100 t0 90 for AAA securities because there was no bid, you had private equity funds trading at 70p in the £1 on money-good securities). The secured portion is down 10%...that looks about right based on HY indexes. The 50% markdown that Fidelity is taking means that it is worth more than $20bn. Classic HN.