Lehman Visited by Fraud
Friday, March 28th, 2008This is not life threatening but it certainly wont instill confidence in a name that needs a breath of life. And why the headlines when I am playing chess at Yahoo?
Archive for March, 2008
This is not life threatening but it certainly wont instill confidence in a name that needs a breath of life. And why the headlines when I am playing chess at Yahoo?
Let the Regulation Begin
Friday, March 28th, 2008The NYTimes will carry a story tomorrow which details the Administation's proposal to expand the scope of Federal Reserve regulatory powers. This is obviously an historic step and will spark heated debate about the level of oversight necessary to forestall another financial crisis. This will be the first in what will ...
Agency Debt
Friday, March 28th, 2008The Agency market is another extremely quiet venue. The reduced level of volatility has given a bit of a bid to callable paper. Benchmark bullets are tighter by a couple of basis points in the 2 year and 5 year sectors and a little wider in the 10 year sector.
Some Corporate Bond News
Friday, March 28th, 2008Corporate bond trading is very ,very quiet today. The new issue market is silent. The Morgan Stanley 10 year deal which priced at 312.5 basis point spread to Treasury 10 year yesterday is now freely available at 313 basis point spread. That is the first big deal in a while ...
Lehman
Friday, March 28th, 2008Lehman had been up on the day but has surrendered those gains and is negative for the first time today. Citibank had put out a buy recommendation. I wonder if there is any quid pro quo attached to that!
MBS
Friday, March 28th, 2008MBS opened weak on the residue of some late servicer selling yesterday.Subsequently some real money buyers emerged in 6s and professionals are covering shorts in 5.5s. There is also talk that a dealer liquidated a big position in 6 1/2s.
Early Update
Friday, March 28th, 2008Prices of Treasury coupon securities are posting mixed results this morning as diverse factors influence prices at the front end of the curve and the back end of the curve. The yield on the 2 year note is 1 basis point higher at 1.69 percent and the yield on the ...
March 28 2008 Opening Comments
Friday, March 28th, 2008Prices of Treasury coupon securities are posting small losses in an overseas trading session,for the moment,devoid of the frantic and frenzied trading which has characterized recent sessions. The yield on the 2 year note has climbed 2 basis points to 1.70 percent and the yield on the benchmark 5 year ...
March 27 2008 Closing Commentary
Thursday, March 27th, 2008Prices of Treasury coupon securities have registered losses today. The losses in the front end of the market are slim while in the longer maturites there is a bit of a crater. The yield on the 2 year note increased by 4 basis points to 1.70 percent and the yield ...
More Corporate Bonds
Thursday, March 27th, 2008I just spoke with a portfolio manager who runs some corporate bond money for a public entity and he had some wortwhile comments on the state of the corporate bond market. He expects issuance to be on the heavy side as even though spreads remain wide the all in levels are ...