What's so amazing is how fast the reversal has taken place considering most of the underperformance in the credit market didn't really occur until September 2008.
And now... the sell-off and rebound which was technical in nature (i.e. forced selling / opportunistic buying), now becomes a question as to the fundamental value of the security.
Source: Barclays Capital
State Street is offering some stock/debt up today, but they also made it known that they had decided to take some conduits back onto their balance sheet. After reading the associated SEC filings, I couldn't find any explanation as to why they decided to do that now. Makes you wonder why they would decide to reload and writedown/recognize some pretty heavily underwater assets in the midst of a rebound...
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