Archive for April, 2008
Thursday, April 10th, 2008
Prices of Treasury coupon securities surged in overnight trading as the continuing effects of the credit crisis motivate investors to seek safety,solace and succor in government securities. The yield on the benchmark 2 year note has tumbled 7 basis points to 1.69 percent. The yield on the 5 year note ...
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Wednesday, April 9th, 2008
Prices of Treasury coupon securities surged today as a variety of influences worked in concert to drive prices higher.There is a saying attributed to 19th century chess great Wihelm Steinitz that a victory in a chess game is not won with one sharp move but is attained through an accumulationof ...
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Wednesday, April 9th, 2008
It was a very slow day for the corporate bond component of the investment grade space in fixed income land.The IG 10 widened by about 7 basis points. The new issue calendar was light with only Duke Energy tapping the market with a 10 year and a 30 year. The ...
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Wednesday, April 9th, 2008
Agency spreads have leaked wider in concert with swap spreads and the run up in Treasury prices. The level of actvity has declined and lower Treasury rates has restrained those with cash who were delighted to buy earlier in the week at higher yields. There has been some buying in ...
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Wednesday, April 9th, 2008
The IG10 is opening unchanged at 117/119.
The Walmart tranches which priced yesterday are opening better bid.The 5 year tranche which priced at T+160 is 151 bid. The 30 year which priced at T+ 188 is 186 bid.
The new issue calendar is light thus far with just a two part $900 ...
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Wednesday, April 9th, 2008
Central banks bought 10 year notes and 5 year notes and bills. They sold 2 year notes.
Hedge funds sold 10 year notes.
Banks sold 2 year notes.
And a bank sold 5 year notes in favor of long bonds
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Wednesday, April 9th, 2008
The Federal Reserve TAF auction sparked a lot of discussion yesterday as the stopout level was unusually high and led some to believe that new fissures were developing in the money markets. That does not appear to be the case this morning. I receive a daily money market run from ...
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Wednesday, April 9th, 2008
This is a fascinating story about Iceland and how it seeks defend itself from the full frontal finacial assault by a gaggle of hedge funds.
Greg Ip in the WSJ details discussions at the Fed on how they would lift the helicopter off the tarmac and into the air if the ...
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Wednesday, April 9th, 2008
Prices of Treasury coupon securities have posted modest gains in overnight trading and since that inverse relationship between prices and yield is still intact,yields are lower. Economic malaise and a widespread concern about the economy is the backdrop for trading overnight. That concern manifests itself in a variety of news ...
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Tuesday, April 8th, 2008
Prices of Treasury coupon securities are posting mixed results today with most of the benchmark issues registering modest price gains while the longest maturities post small losses. The yield on the 2 year note has dropped 6 basis points to 1.86 percent . The yield on the benchmark 5 year ...
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