Archive for July, 2008
Thursday, July 24th, 2008
I received this in a late email. The IG 10 finished the day about 2 basis points wider at 135/135 3/4.
In the murky world of subprime tomorrow is remittance report day. Sometime late in the day the market should have the first smattering of information on the rate at which ...
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Thursday, July 24th, 2008
Agency spreads are tighter by 3 basis points to 5 basis points today. The solid buying continues spurred by House passage of the bailout bill and a belief that the Senate will follow suit shortly. That continues to bring in buyers who wanted to see the bailout words in writing. ...
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Thursday, July 24th, 2008
Prices of Treasury coupon securities catapulted to significant price gains as a weak economy and credit fears gripped investors. The US market opened with a bid following the gains in Europe overnight which reflected the weakness in the Eurozone data. Economic data in the states fueled the gains. Initial claims ...
Posted in Uncategorized | Comments Off on Treasury Recap July 24 2008 ( 5 Months Until Christmas Eve)
Thursday, July 24th, 2008
WAMU has been the subject of numerous rumors today regarding the status of derivative trades in the event of their downgrade.One rumor contends that in the event of a downgrade counterparties would hit them up for additional collateral.
Another rumor suggests that a downgrade would force a so called Termination Event ...
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Thursday, July 24th, 2008
At 100Pm New York time the mendicant US treasury will come hat in hand to the market to borrow $21 billion via an offering of 5 year notes. This issue is very cheap on the curve and there should be a significant response from arbs and prop traders.The 2 year ...
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Thursday, July 24th, 2008
Mortgage rates are at nearly a one year high in spite of 325 basis points of rate reduction by the FOMC. One trader whom I read regularly suggests that higher mortgage rates could not have come at a worse moment in the crisis. Housing has been the leading force in the financial ...
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Thursday, July 24th, 2008
CDS on Agency sub debt has gapped tighter with House passage of the bailout bill. The CDS traded Tuesday at 180 and earlier this morning were fairly offered at 135.
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Thursday, July 24th, 2008
Forward rollers in the 2 year.
Real money extending from 2 year sector to belly of the curve.
Specs buying Europe versus US
Central bank sellers of 5 years.
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Thursday, July 24th, 2008
Prices of Treasury coupon securities have surged in overnight trading and the yield curve has reversed its recent flattening trend as weak economic data has prompted a shift of funds into shorter maturity bonds. Economic data released in various venues overnight suggests pervasive global economic weakness.The yield on the benchmark ...
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Wednesday, July 23rd, 2008
Prices of Treasury coupon securities sagged today under the weight of supply and an increased appetite for spread product which sucked funds out of the Treasury market.The yield on the benchmark 2 year note climbed 5 basis points to 2.77 percent. The yield on the benchmark 5 year note climbed ...
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