Lehman Languishing
Wednesday, June 4th, 2008(BN) *LEHMAN SHARES DROP 4% TO $29.40 AT 7:43 A.M. IN NEW YORK NO STORY, YET.
Archive for June, 2008
(BN) *LEHMAN SHARES DROP 4% TO $29.40 AT 7:43 A.M. IN NEW YORK NO STORY, YET.
While You Were Sleeping
Wednesday, June 4th, 2008Some overnight Treasury market flow: Two way flow in 10year from central banks, with some selling and others buying. Asian sellers of agency paper in belly of curve. Better selling of the belly by banks and money managers. Asian sellers of 2 years. Swap payers in the belly of the curve. European sellers of 10s and ...
Opening Comments June 4 2008
Wednesday, June 4th, 2008Prices of Treasury coupon securities are little changed in overnight trading though the economic data released overnight is conducive of additional rate declines. The yield on the benchmark 2 year note is 2 basis points higher at 2.42 percent. The yield on the 5 year note is 1 basis point ...
Foreclosure and an American TV Icon
Tuesday, June 3rd, 2008The credit crunch and associated foreclosures has a starkly egalitarian tone about it as it strikes in Brooklyn and Beverly Hills. This story chronicles the sad story of long time Johnny Carson sidekick Ed McMahon as he fights to keep his property.
Late Night Links
Tuesday, June 3rd, 2008I meant to write this the other day but I failed as hedge came out as edge. But there is an old adage that the only perfect hedge is in a Japanese garden and this FT story about troubled Lehman Brothers makes that point clearly. It also mentions who the ...
Closing Commentary June 3 2008
Tuesday, June 3rd, 2008Prices of Treasury coupon securities surges again today as the death by a thousand cuts credit crisis continued in the form of heavy blood letting at Lehman Brothers. Lehman stock closed the day about 10 percent lower than yesterday. Rumors ravaged the stock and the company's CDS as a story ...
MBS
Tuesday, June 3rd, 2008MBS paper is lagging the 10 year Treasury by about 1 1/2/32. Hedge funds, purportedly, were outright buyers of collateral near the lows. Money managers and insurance companies have been modest sellers.
Credit Markets
Tuesday, June 3rd, 2008Credit markets are quiet this morning and lack the turbulence inspired yesterday by the Standard and Poor's downgrade of three major investment banks. The IG 10 is quoted 107 1/4 /108 1/4 which is little changed from last night's close around 107 1/2. Lehman Brothers stock is suffering through another day of ...
Bernanke Speech
Tuesday, June 3rd, 2008There some construction workers here at the nerve center of Across the Curve.com today and I had not paid proper heed to the markets until a few minutes ago.To thrust myself back in to the thick of things I just waded through Mr Bernanke's morning speech. I thought the most notable ...
Some Overnight Treasury Flow
Tuesday, June 3rd, 2008The dealer from whom I glean the overnight flows in the Treasury market reports that last evening was a very active trading session. Trading volume was nearly double the 10 day moving average and over 50 percent of the trading volume was in the 2 year note.Here are some representative ...