The time before the crisis offered many opportunities for bond managers to add yield in structured securities that were rated AAA. (alephblog.com)
But derivatives and structured security prices vary considerably, and their prices often vary in a way that approximate valuations can be calculated from the prices of other publicly traded securities. (alephblog.com)
But for the most part, for most high yield debt, almost all investment grade debt, and vanilla structured securities, the market is functioning. (alephblog.com)