Swaps and Corporates and MBS
October 29th, 2009 2:44 pm | by John Jansen |Swap spreads are unchanged from the levels which prevailed when I wrote about them this morning.
Two year spreads are still a basis point wider at 33 1/2. Five year and ten year and 30 year spreads are unchanged ,also, from earlier levels and rest at 33, 17 and NEGATIVE 9 1/2.
Corporate bond spreads have firmed as a result of the ecstatic, ebullient elongated and elated equity market rally. Spreads are unchanged to a tad narrower on the day.
Mead Johnson is pricing $ 1.5 billion 5 year,10 year and 30 year bonds. The deal is launched but not priced. Spread talk is 120,145 and 155,chronologically.
Mortgages are about 3 ticks better than swaps. Lower coupons are outperforming today. Lower dollar prices have elicited buying by banks. Origination flows have been light.
