MBS
Friday, April 18th, 2008Mortgages are opening several ticks tighter to swaps in early trading. There has been some convexity related selling as rates move higher but foreign buying has trumped that source of supply.
Archive for April, 2008
Mortgages are opening several ticks tighter to swaps in early trading. There has been some convexity related selling as rates move higher but foreign buying has trumped that source of supply.
Some Overnight Treasury Flow
Friday, April 18th, 2008Some overnight flows in Treasury land: Asian real money buying of Tbills. Asian real money buyers of 5 year notes. Some real money buyers of 10s Some bank sellers of 10s. Real money Japanese clients buying 2s and 5s.
Some Friday Morning Links
Friday, April 18th, 2008I have been fascinated and troubled by the story about the price of rice. It presents social problems as described in the story but my bleeding 1960s heart tells me that there is a moral and justice problem here,also. A couple of stories from the New York Times about the nascent ...
Some Opening Comments April 18 2008
Friday, April 18th, 2008Prices of Treasury coupon securities continue to plummet as equity markets around the globe seemingly posit a happy state of financial nirvana and with that a flight from risk averse assets.The yield on the benchmark 2 year note increased by 8 basis points overnight and rests at 2.18 percent. That ...
Libor for Tomorrow
Thursday, April 17th, 2008Three month libor for tomorrow is trading at about 2.91 percent which would be 10 basis points above today's setting.
April 17 2008 Close
Thursday, April 17th, 2008Prices of Treasury coupon securities surged rather dramatically lower today with the most significant adjustment occuring in the front end of the Treasury curve. For much of the day in the front end if it was not tied down ,someone was selling it. All manner of accounts were either outright ...
Miscellany and More Libor Thoughts
Thursday, April 17th, 2008Risk management has had a deleterious effect on the Treasury market and the swap markets as traders unwind bad positions or long held positions in which profits are shrinking. Traders report that hedge funds ,servicers and real money has been busy taking off steepeners which have soured as well as ...
MBS
Thursday, April 17th, 2008The MBS market has witnessed active trading this morning and at last report spreads were about unchanged. There has been some movement throughout the morning as MBS has moved in syncopated time with the swap market. There has been servicer selling of 5s and foreign bank buying of 5 1/2s ...
A Bit of an Abbreviated Opening Commentary April 17 2008
Thursday, April 17th, 2008Prices of Treasury coupon securities are a tad lower in overnight trading. The yield on the benchmark 2 year note is higher by 2 basis points and rests at 1.98 percent. As I noted earlier the issue did trade at 2.00 percent this morning. The yield on the 5 year ...
Money Market Morass Muddles Many Minds
Thursday, April 17th, 20081 WEEK 2.77625 2.74000 .03625 2 WEEKS 2.78625 2.73875 .04750 1 MONTH 2.80000 2.73219 .06781 2 MONTH 2.80813 2.73250 .07563 3 MONTH 2.81750 2.73375 .08375 4 MONTH 2.83375 2.74250 .09125 5 MONTH 2.85750 2.75250 .10500 6 MONTH 2.88188 2.75875 .12313 9 MONTH 2.89625 2.74063 .15562 12 MONTH 2.91125 2.73750 .17375 I am not exactly Mr Facile with the computer so ...