Text of Paulson Non Statement
Friday, July 11th, 2008http://www.marketwatch.com/news/story/text-paulson-statement-fannie-freddie/story.aspx?guid=%7B92718DA8%2D7539%2D4255%2D83F8%2D49D7B7D9EED4%7D&dist=hplatest
Archive for July, 2008
http://www.marketwatch.com/news/story/text-paulson-statement-fannie-freddie/story.aspx?guid=%7B92718DA8%2D7539%2D4255%2D83F8%2D49D7B7D9EED4%7D&dist=hplatest
Pablum and Polenta from Potentate Paulson
Friday, July 11th, 2008I listened to a reporter from Bloomberg TV read the Paulson statement. It was not what the market wanted or needed . I have not seen any quotes yet but i would venture to say that the spread markets now have a merdurinous tone. Additionally , Moodys is comforting holders of ...
Posting
Friday, July 11th, 2008i see no reason to write until after Paulson speaks. i will return then.
Agency CDS
Friday, July 11th, 2008CDS on senior paper of FNMA and Freddie MAC gapping tighter. They are now 42/47 which makes them about 35 tighter on the day.
Agency CDS
Friday, July 11th, 2008CDS on the subordinated debt of FNMA and Freddie Mac were originally trading 20 basis points wider than the previous close at 270/290. That paper has now joined the perverse party and is 235/245 which makes it 15 basis points tighter on the day.
Agency Spreads
Friday, July 11th, 2008Benchmark debt issued by the agencies is gapping tighter. Most paper is 15 basis points to 20 basis points tighter as participants assume that this paper will have something more than the current implicit gurantee. Traders are very busy so it is tough to have a detailed conversation. The 10 ...
CDS
Friday, July 11th, 2008As of 757AM New York time (about 11 minutes ago) the CDS on FNMA and Freddie Mac paper were quoted as follows:The senior debt is quoted 75/80 which is about unchanged from the close. The subordinated debt is quoted 270/290. That is about 20 basis points wider. Additionally , the CDS on ...
Some Opening Thoughts July 11 2008
Friday, July 11th, 2008Prices of Treasury coupon securities have registered modest losses in overseas trading. The yield on the benchmark 2 year note has climbed 4 basis points to 2.44 percent. The yield on the benchmark 5 year notes has climbed the same amount to 3.11 percent. The yield on the 10 year ...
US Weighs Takeover of GSEs
Friday, July 11th, 2008From the New York Times, the paper of record, this morning a report of serious conversations amongst policy makers regarding plans to takeover FNMA and/or Freddie Mac
Links for a Thursday Evening
Thursday, July 10th, 2008A Bloomberg story about the reduction in holdings of the most opaque asset classes by Lehman Brothers. An FT story from the same genre which details the plan of Swiss regulators to impose more stringent capital requirements on Credit Suisse and UBS. The story notes that UBS alone has written off ...