Archive for August, 2008
Wednesday, August 27th, 2008
Agency spreads are a tad better than when I last reported. Benchmark paper in the 2 year sector is now unchanged to a basis point wider. Five year sector paper is also unchanged to a basis point wider. Benchmark paper in the 10 year sector remains 2 basis points to ...
Posted in Uncategorized | Comments Off on Agency Spreads
Wednesday, August 27th, 2008
Corporate bonds are a touch tighter today as spreads have a better tone as the S and P in equity land scoots higher. The IG 10 is 143/144 which is about 1 1/2 basis points tighter than the previous close.
There was one small new issue from Sierra Pacific ,a West ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, August 27th, 2008
The treasury will auction $32 billion 2 year notes in a little over an hour. ( I am writing now because I am taking my brother to lunch shortly for his birthday.) Anyway, I hear that there is tremendous interest in this security. As I have reported recently central bank ...
Posted in Uncategorized | 2 Comments »
Wednesday, August 27th, 2008
Agency spreads are wider by 1 basis point to 3 basis points in maturities of 5 years and shorter. Paper in the 10 year sector is 2 basis points to 4 basis points wider. I have heard of chunky selling in the shorter sectors.
Posted in Uncategorized | 3 Comments »
Wednesday, August 27th, 2008
In my opening this morning I noted that it would be worthwhile to watch the indirect bidding totals in the 2 year auction today to gauge the demand of the foreign central banks.
A friend of the blog has sent me the indirect bidding history back to May 2003. The indirect ...
Posted in Uncategorized | Comments Off on Indirect Bidding
Wednesday, August 27th, 2008
Axel Weber is head of the Bundesbank and a member of the ECB governing council. His worldview is solidly anchored in 1920s Germany and the Weimar Republic! In a Bloomberg interview this morning he suggested that thoughts of rate cuts are premature and averred that once the economy struggles through ...
Posted in Uncategorized | Comments Off on Weber
Wednesday, August 27th, 2008
The mortgage market has a modestly firm tone about it this mornng and MBS is 3 ticks better to swaps. Dealers report fast money buying of the basis as well as the same buyers taking paper down outright.
Flows remain light and the market illiquid. International acounts are for the most ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, August 27th, 2008
The stronger than expected durable goods data is taking a toll in the Treasury market. Yields are higher by about 5 basis points and the data provides an easy excuse to offer the market down and hit bids until auction time. Sort of manna from heaven for day traders.
The durable ...
Posted in Uncategorized | 1 Comment »
Wednesday, August 27th, 2008
Prices of Treasury coupon securities, on balance, have registered minimal losses in a lackadaisical overnight session with little in the way of high profile news. The yield on the benchmark 2 year note edged higher by a basis point to 2.33 percent. The yield on the 5 year note is ...
Posted in Uncategorized | 5 Comments »
Tuesday, August 26th, 2008
Prices of Treasury coupon securities are virtually unchanged today as participants await Godot and the long holiday weekend. The yield on the benchmark 2 year note increased one basis point to 2.33 percent. The yield on the 5 year note increased the same amount to 3.05 percent. The yield on ...
Posted in Uncategorized | 3 Comments »