Archive for March, 2008
Wednesday, March 26th, 2008
Prices of Treasury coupon securities are marching higher this morning with support from economic data, a weak equity market and some chunky buying of spread product. The yield on the benchmark 2 year note has declined 6 basis points to 1.71 percent and the yieldon the 5 year note has ...
Posted in Uncategorized | Comments Off on Midday Update
Wednesday, March 26th, 2008
Mortgages are performing well in the early trade this morning as they have tightened about 4 basis points to the swap curve. Hot money and overseas accounts have been buying. Conversely, originators have taken a club to 5.5 percent and 6.0 percent coupons. By one account they have sold over $1 ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, March 26th, 2008
Prices of Treasury coupon securities are posting disparate results in overnight trading. The yield on the 2 year note has declined 3 basis points to 1.74 percent and the yield on the 5 year note has dropped 4 basis points to 2.57 percent. The yield on the benchmark 10 year ...
Posted in Uncategorized | Comments Off on March 26 2008 Opening Comments
Wednesday, March 26th, 2008
A story from Bloomberg about the taxpayers contingent liability in the Bear Stearns JPMorgan marriage.
Deutsche Bank says challenging environment will make it difficult to meet profit targets in 2008
Credit crunch and banks unwillingness to recognize instant losses on loan places Clear Channel deal in jeopardy.
The 2008 Fed learns lessons taught ...
Posted in Uncategorized | Comments Off on Some Early Links for March 26 2008
Tuesday, March 25th, 2008
A reluctance to lend persists and makes the task of the Central Banks difficult.
Krumbling Krona .
Posted in Uncategorized | Comments Off on Some Pithy Stuff From the FT
Tuesday, March 25th, 2008
Today was the day for the release of the report which describes the performance of the loans which constitute the ABX index.
Here are some general thoughts on the results:
A continued increase in delinquencies and liquidations.
Slower prepays.
Those who are long this paper are taking bigger hits when loans actually liquidate.
The one ...
Posted in Uncategorized | Comments Off on ABX Remittance Reports
Tuesday, March 25th, 2008
Prices of Treasury coupon securities rebounded from the depressed levels reached in yesterday's sell off but given the weakness of the economic data the price gains are tempered. The yield on the benchmark 2 year note dropped 3 basis points to 1.77 percent while the yield on the 5 year ...
Posted in Uncategorized | Comments Off on A Very Late Closing Commentary March 25 2008
Tuesday, March 25th, 2008
Mortgage securities are about 2 basis points tighter to the swaps curve today . There was some selling yesterday and that abated when 2 year swap rates were back around 2.55 percent and has not resumed today. Market sentiment has improved as participants take heart from the robust equity market ...
Posted in Uncategorized | Comments Off on MBS
Tuesday, March 25th, 2008
There are some events transpiring in the short term money markets which are noteworthy and should impact the repo market and the bill market. The Federal Reserve, I am told, sold $12 billion of Treasury bills from its own portfolio today. Yesterday the System auctioned $50 billion of TAF credit. ...
Posted in Uncategorized | Comments Off on More on Bills and Repo
Tuesday, March 25th, 2008
There is a bit of hullabaloo in the corporate bond market this morning as the new issue calendar picks up steam. The highlight of the day is $2.5 billion 10 year deal from GoldmansSachs. The issue will price between 270 basis points and 275 basis points over the 10 year ...
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