Some Thursday Evening Links
Thursday, August 21st, 2008Another victim of the cascading crisis fights for the crumbs falling from the table. BOJ does not see a wage price spiral in Japan. Banks around the globe scramble for capital.
Archive for August, 2008
Another victim of the cascading crisis fights for the crumbs falling from the table. BOJ does not see a wage price spiral in Japan. Banks around the globe scramble for capital.
Closing Comments August 21 2008
Thursday, August 21st, 2008Prices of Treasury coupon securities retreated today as the financial Armageddon which some had awaited anxiously has been deferred for now. The rollicking trade of the last several days has yielded to something a little more placid and pacific.Against that background yields, on benchmark Treasury debt increased across the curve. ...
Agency Market
Thursday, August 21st, 2008Agency debt is closing the session with a robust bid and some spread tightening versus Treasuries. Benchmark agency debt with maturities between 2years and 10 years are about 3 basis points to 4 basis points tighter to benchmark treasury paper.Why did spreads tighten today? I do not have a good ...
MBS
Thursday, August 21st, 2008Mortgages are about 9 ticks wider to swaps and about 10 ticks tighter to Treasuries. The level of activity has been very light and dominated by professionals and speculators. One participant noted that the lack of activity leads to illiquidity which exaggerates price movements. Most of the selling today has been speculators ...
Corporates
Thursday, August 21st, 2008The IG 10 is wrapped around 147 and that is about 2 wider than where it closed yesterday. As of this juncture there is no new issue calendar today. Participants are speculating that September will be a grand month for issuance but they have thought that the last several months and ...
Agency Market
Thursday, August 21st, 2008Agency spreads tightened at the opening of trading but have since surrendered some of those gains. Spreads tightened early as participants paid heed to a NYTimes story about a Treasury takeover. At the best levels of today some debt was 10 basis points tighter than at the worst levels of the ...
MBS
Thursday, August 21st, 2008MBS are about 8 ticks wider to swaps. Liquidity is poor and one salesman noted that each trade is in a sense priced off the last large flow. Originators have been modest sellers in the early trade.
Cablevision
Thursday, August 21st, 2008Cablevision had an outage this morning and this is the first time today that I have cable access. I will post shortly and then I will be away for a bit as I head to the dentist.
Lehman
Wednesday, August 20th, 2008The FT reports that Lehman tried to sell a 50 percent stake of itself to investors in China and South Korea. The discussions took place in the first week of August and unravelled.
Closing Comments (Early) 08/20/08
Wednesday, August 20th, 2008(I am writing this early because I have some business to attend to this afternoon. It is about 230PM as I begin to pen this and that is about an hour earlier than normal.)Prices of Treasury coupon securities pushed higher today as financial concerns generated by the travails of Freddie ...