Позволявам си да цитирам този откъс от днешния коментар на Warburg Dillon Read, за да видят някои хора, че светът не започва и не свършва с българските медии. Хората си имат съвсем трезва преценка, иначе не биха подвели клиентите си. Този коментар е поне толкова стойностен, колкото и оня на Ройтерс. Останалото е български провинциализъм. We continue to recommend picking up Bulgarian Brady bonds into weakness, taking advantage of fading optimism about a near-term Brady buyback or exchange to position in an improving credit story and liquid high yielding market, amid recent signs of accelerated progress over the BTC deal and other reform, and potential ratings upgrades from Moodys (which recently visited) and S&P (visiting this week). We remain relatively sanguine about political risk - no question, this has risen in light of poor opinion showings for the UDF, and the latest corruption allegations, but these are counterbalanced by the accompanying reduced threat of early elections as the government endeavours to clean up its image and restore the economy to full health. IABs have cheapened up by around 150bp against Turkey 09s over the past month - Turkey, which we like as a credit story, but not as an explosive near-term performer, is a much more defensive asset and so it was perhaps logical to expect Bulgaria to underperform during the recent market shakeout. But both are single B credits, both are on positive outlook, and the extent of the widening a bit surprising.