Archive for May, 2008
Thursday, May 22nd, 2008
Some mortgage flows:Light selling from originators.
Heavy outright buying by overseas end users.
Some modest selling by hedge funds and domestic money managers.
Some selling of 5s and 5 1/2s by convexity types.
Hot money looking to go up in coupon
Posted in Uncategorized | Comments Off on MBS Flow
Thursday, May 22nd, 2008
Treasury yields are rising rather dramatically this morning and the 2 year note has breached the 2.50 percent level. As we speak the 10 year note is approaching the 3.937 percent level at which it auctioned recently. If it breaks through that level and sustains trading through that level we ...
Posted in Uncategorized | 1 Comment »
Thursday, May 22nd, 2008
Marketwatch reports that the Baltic Dry Index has surged recently. The story notes that the index is driven by a strong economy as well as robust demand for commodities.
Posted in Uncategorized | Comments Off on Shipping News
Thursday, May 22nd, 2008
Some overnight flows in Treasury market:Real money and bank buying of 5 year notes.
Real money and central bank buying 10s.
Asian selling of 2 year sector.
Posted in Uncategorized | Comments Off on Treasury Flow
Thursday, May 22nd, 2008
Big banks propose moving the goal posts.
UBS throws existing shareholders under BUS.
This is a piece of history from the Op Ed page of the New York Times today. I am a minor junkie for 1960s history and this brief article correctly encapsulated the meeting between Krushchev and JFK in Vienna ...
Posted in Uncategorized | 4 Comments »
Thursday, May 22nd, 2008
Prices of Treasury coupon securities, on balance, posted modest losses in overseas trading and the yield demonstrated a propensity to flatten. The yield on the benchmark 2 year note gained to basis points and currently trades at 2.42 percent. The yield on the benchmark 5 year note also rose by ...
Posted in Uncategorized | Comments Off on Opening Comments May 22 2008
Wednesday, May 21st, 2008
Prices of Treasury coupon securities registered solid losses prior to the release of the FOMC minutes as a variety of factors conspired to drive prices lower. With the release of the rather downbeat minutes of the April 30 meeting, equity markets sold off sharply and the bond market recovered briefly ...
Posted in Uncategorized | 4 Comments »
Wednesday, May 21st, 2008
Corporate bond spreads as gauged by the IG 10 are about 5 basis points wider. There are several new benchmark deals in the pipeline. The French utility Veolia is in the market with a multi tranche deal. International Lease Financing is offering debt with a 5 ½ year maturity and ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, May 21st, 2008
Life intervened, as it sometimes does, and I have been away from my workstation here at the nerve center of Across the Curve. As soon as I have an appropriate story, I will begin posting.
JJJ
Posted in Uncategorized | Comments Off on Admin Note
Wednesday, May 21st, 2008
Prices of Treasury coupon securities have registered modest declines in overseas trading as equity markets around the globe exhibit a modicum of stability this morning. Japanese stocks declined on fears of weakness in the financial sector but shares were up in Hong Kong and mainland China. European stocks are higher ...
Posted in Uncategorized | Comments Off on Abbreviated Opening Comments