Archive for May, 2008
Monday, May 5th, 2008
Corporate bond spreads are marginally wider in lackadaisical trading. The new issue calendar has been active today with Citibank once again tapping the market. As of this writing they are in for a 30 year non call 5 year perpetual preferred deal as well as for a benchmark offering in ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, May 5th, 2008
Agency spreads are unchanged to a basis point tighter in the 2 year sector and 1 basis point to 2 basis points wider in longer maturities. Activity levels were subdued here but dealers with whom I spoke reported better buying of callable bonds and better selling of bullet paper. The ...
Posted in Uncategorized | Comments Off on Agency Bonds.
Monday, May 5th, 2008
The Ism non manufacturing number jumped above the breakeven 50 level to 52 as it bested the 49.5 consensus.The employment portion of the indicator popped nearly 4 points to 50.5 and corroborated the strength in business service sector jobs reported in the monthly labor report on Friday.
Prices of benchmark Treasury ...
Posted in Uncategorized | 2 Comments »
Monday, May 5th, 2008
I have never published an entire bit of commentary from a Street economist. What follows is in its entirety a note to customers from JPMorgan economist Michael Feroli. It is a clear explanation of the Labor Department's methodology and debunks the conspiracy theories of those who see manipulation of the ...
Posted in Uncategorized | 4 Comments »
Monday, May 5th, 2008
One analyst believes that Bank America might experience some remorse regarding the takeover of Countrywide.
FT reports that India might ban trading of food futures. They should call King Canute and see how well he did at halting the ebb and flow of the ocean.
And the always interesting Caroline Baum via ...
Posted in Uncategorized | Comments Off on Some Monday Morning Links
Monday, May 5th, 2008
Prices of Treasury coupon securities have posted mixed results in lacklustre and lackadaisical overseas trading. The yield on the benchmark 2 year note is unchanged at 2.45 percent. Other benchmark issues have seen their yields rise quite gently. The yield on the 5 year note is one basis point higher ...
Posted in Uncategorized | Comments Off on Opening Comments May 05 2008
Friday, May 2nd, 2008
Prices of Treasury coupon securites dropped sharply following the less than expected decline in payroll employment and unanticipated decline in the unemployment rate to 5.0 percent from 5.1 percent. The yield on the benchmark 2 year note has increased by 11 basis points to 2.45 percent.The yield on the 5 ...
Posted in Uncategorized | 2 Comments »
Friday, May 2nd, 2008
Agency spreads are closing the day 1 basis points to 2 basis points wider across the curve. As was the case in corporate bond land, spreads were tighter earlier when the bond market was at its weakest point and equities were rallying. Dealers report that higher yields still bring buyers ...
Posted in Uncategorized | Comments Off on Agencies
Friday, May 2nd, 2008
Corporate bond spreads as measured by the IG 10 index are about 2 basis points tighter on the day but have retreated about 5 basis points from levels attained shortly after the release of the labor data. Spreads have tracked pretty tightly to the gyrations in the stock market and ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Friday, May 2nd, 2008
Benchmark Treasury prices repriced quickly and harshly this morning as the schadenfreud laden Treasury crowd did not receive gratification in the labor data. The labor report showed that the economy shed jobs but not at a level that would satisfy bond market vigilantes. So the 2 year note jumped quicky ...
Posted in Uncategorized | Comments Off on Treasury Update