Archive for October, 2008
Wednesday, October 29th, 2008
The agency market has improved today and has a firm tone about it. Spreads are tighter by about 10 basis points across the curve. Dealers report that the gains on the equity market have been supportive of agencies as the improving equity market reflects a system that bears less strain ...
Posted in Uncategorized | 2 Comments »
Wednesday, October 29th, 2008
The corporate bond market has a better, if not firm, tone about it and dealers and investors transact pockets of business in a still wounded market. The IG 11 reflects that better tone as it is currently a couple better on the day at 108/210.The Amex 5 year which I ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, October 29th, 2008
Mortgages are opening stronger and are currently about 13/32 better than the 10 year Treasury. Real money buyers abound and there are no sellers.
Posted in Uncategorized | 3 Comments »
Wednesday, October 29th, 2008
Agency spreads are tighter by 7 basis points in the 2 year sector, one basis point in the 5 year sector and 2 basis points in the 10 year sector.Swap spreads are tighter by 5 basis points in the 2 year sector and 1 ½ basis points wider in the ...
Posted in Uncategorized | Comments Off on Swaps and Agency Spreads
Wednesday, October 29th, 2008
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Posted in Uncategorized | Comments Off on Libor Open
Wednesday, October 29th, 2008
IG 11 is opening 212/214 which is about 2 basis points wider than the previous close.
Posted in Uncategorized | Comments Off on IG 11
Wednesday, October 29th, 2008
Prices of Treasury coupon securities have rebounded from the depressed levels attained in late trading yesterday. I can not ascribe the recovery to a particular overnight news story. I surmise that the decline in equity futures overnight which has erased about ¼ of yesterday's outsized gains has combined with the ...
Posted in Uncategorized | 3 Comments »
Wednesday, October 29th, 2008
The FT has an informative article about the tsunami of bond issuance which will flood the European capital markets in the next year.
Posted in Uncategorized | Comments Off on Supply
Tuesday, October 28th, 2008
Swaps are finishing mixed. The 2 year spread is unchanged and the 5 year spread is a basis point tighter. The 10 year spread is 3 basis points wider and the 30 year spread is 5 basis points wider.
MBS opened tighter but are closing about 8 basis points wider to ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Tuesday, October 28th, 2008
Prices of Treasury coupon securities took a dive from a cliff today with longer dated maturities suffering significant damage. The reason is very similar to yesterday in that the market is experiencing a collective epiphany regarding the need of the US Treasury to raise funds.The yield on the benchmark 2 ...
Posted in Uncategorized | 2 Comments »