Archive for June, 2008
Monday, June 30th, 2008
Prices of Treasury coupon securities exhibited very little movement today in a listless quarter end trading session. The yield on the benchmark 2 year note is unchanged at 2.63 percent. The yield on the 5 year note has declined by one basis point to 3.34 percent. The yield on the ...
Posted in Uncategorized | Comments Off on Closing Thoughts June 30 2008
Monday, June 30th, 2008
Lehman stock has declined by about 10 percent (as of this writing at 255PM New York time). The firm has ben the subject of several rumors. One rumor suggests that they will announce additional large writedowns in their mortgage book. A separate rumor had senior management jumping ship. There was ...
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Monday, June 30th, 2008
The various sectors of the bond market have been rather quiet today. There had been a substantial flattening in overnight trading as the 10 year bund broke down in response to the report of robust inflation in the Eurozone. One source reports that the report also triggered some selling of ...
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Monday, June 30th, 2008
Corporate bonds are a tad tighter in very very light quarter end trading. There are no new issues on the docket for today. Traders and sales people with whom I spoke uniformly expect the level of activity to remain subdued until after the July 4th holiday.
Separately, Lehman, BankAmerica and Barclays ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, June 30th, 2008
Someone just sent me this Bloomberg story on the jump in Libor.
Posted in Uncategorized | Comments Off on Libor Again
Monday, June 30th, 2008
Some fully paid up subscribers have inquired about the huge spike in overnight Libor today. It has jumped by 111 basis points to 3.61 percent from 2.50 percent.
I did converse with a money market trader who ascribes the jump to quarter end and expects a return to normality in a ...
Posted in Uncategorized | Comments Off on Libor Spike
Monday, June 30th, 2008
Some overnight Interest rate market flow:Asian buyers of MBS.
Swap Desk and Central Bank buyers of 2s.
Swap Desk sellers of 10s.
Commercial bank buyers of 10s.
Asian buyers of off the run 5s.
Japanese sellers of 1 year sector.
Posted in Uncategorized | Comments Off on Some Overnight Flow
Monday, June 30th, 2008
Prices of Treasury coupon securities are posting modest losses in overseas trading. The yield on the benchmark 2 year note has climbed 5 basis points to 2.68 percent. The yield on the 5 year note has jumped 4 basis points to 3.38 percent. The yield on the benchmark 10 year ...
Posted in Uncategorized | Comments Off on Some Opening Comments June 30 2008
Monday, June 30th, 2008
Inflation surging in the Eurozone making an ECB rate hike all the more likely.
The Housing market and consumer confidence slump in the UK.
Small regional banks feel the pinch of sour construction loans.
Hanlk Paulson states the obvious.
Posted in Uncategorized | Comments Off on Some Overnight Links June 30 2008
Friday, June 27th, 2008
Office rents fall in the Big Apple for the first time since 2005.
Posted in Uncategorized | Comments Off on Falling Rents