Structured credit analysts are super-clever sorts, especially when it comes to unearthing credit correlations, deciphering tranching technologies and deliberating on the finer points of competing collateralised debt obligations.

But at least some of them seem to have a few knowledge gaps where sport and geography are concerned. Late last month, a report emerged from JP Morgan CDO analysts in New York, suggesting that the "Barcelona/World Cup" effects in June would mean that dealers will try to price new offerings in the next few weeks or so. Barcelona? Do they think that's in Germany? Or have they mixed up the 1992 Olympics, with the 2006 World Cup?