Archive for September, 2008
Saturday, September 13th, 2008
The Wall Street Journal reports that discussions are ongoing today to formulate a rescue package for Lehman Brothers this weekend. ( I imagine the scene from "The Godfather" when the heads of the families came together in a plush, panelled board room to end the ruinous war which was destroying ...
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Saturday, September 13th, 2008
The New York Times reports in a more detailed story than the WSJ on the gathering of financial grand poohbahs at the New York Fed last night. There were more attendees than the Journal indicated and included officials from Goldman Sachs, Bank of New York Mellon and Citibank.
The article reports ...
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Friday, September 12th, 2008
The WallStreet Journal is reporting a gathering of financial market heavyweights to discuss the future of Lehman Brothers and the troubled state of the financial world.
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Friday, September 12th, 2008
MBS spent most of the day 3 basis points to 4 basis points tighter to swaps. Late in the day selling by originators and total rate of return clients cheapened MBS into the close and they finished 2 basis points tighter to swaps.Banks and originators were also observed selling to ...
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Friday, September 12th, 2008
I remain in Chicago with my wife as we visit our (pregnant) daughter and her husband. Consequently, posting to the blog will remain on the sporadic side today.
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Friday, September 12th, 2008
CDS on the beleaguered investment bank have slipped to 530/560. CNBC is reporting that prospective buyers are seeking a Dimonesqe Bear Stearns type deal with significant back stop from the Treasury.
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Friday, September 12th, 2008
IG 10 is opening 153/154. Lehman Brother CDS quoted 515/545. The last quote I posted on Lehman late yesterday was 500/520.
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Friday, September 12th, 2008
Prices of Treasury coupon securities ae posting , on balance, small losses in overseas trading. As of this writing there is no consumated transaction for Lehman Brothers and maybe the market is signalling a level of acceptance of very debilitated investment banks. Having said that, it would surprise me if ...
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Thursday, September 11th, 2008
Each Thursday the Federal Reserve discloses a raft of information regarding its balance sheet and the various factors which affect reserve flows. They also disclose the securities holdings of the foreign central banks for which they do safekeeping. Foreign central bank holdings of agency securities declined again this week. On ...
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Thursday, September 11th, 2008
Mortgages are closing the day about 2 ticks wider to swaps.Swap are tighter by 1 1/2 basis points in the 2 year sector and the 5 year sector and 1 1/4 basis points in the 10 year sector.
Posted in Uncategorized | Comments Off on Miscellany