Archive for September, 2008
Thursday, September 4th, 2008
Corporate bonds are a tad weaker this morning as measured buy the IG 10 which is 143 ¾ / 144 ¾. That is a bit weaker than the closing level of 142 ½.One veteran salesman who noted that tone and texture of the market is weak and soft. There is ...
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Thursday, September 4th, 2008
Mortgages are firmer versus swaps by about 3/32 this morning. There has been better buying from both hedge funds and money managers.In the overnight session Japanese clients had an appetite for GNMA paper.
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Thursday, September 4th, 2008
Front end sellers in Tokyo
Mortgage related buyers of 10 years.
Bank selling 30 years.
Central Bank sellers bills.
Central Bank buyers of 2 year and 5 year.
Buyers of US versus Germany
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Thursday, September 4th, 2008
Prices of Treasury coupon securities registered mixed results in overseas trading with shorter maturities gaining in prices as securities with maturities of 10 years and longer languished. The economic backdrop remains soft with concerns regarding economic growth and consumption rising.The yield on the 2 year note slipped 2 basis points ...
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Thursday, September 4th, 2008
A reader sent me a link to this WSJ story which recounts a bit of a revival in the Commercial Paper market.
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Wednesday, September 3rd, 2008
Troubled National City Cleveland with a novel approach to making sure that its woes do not increase.
JPMorgan locks the barn door after the horse trots away from the farm.
Federal Reserve Bank of Boston President Rosengren with the right stuff on rates.
And an interesting story on the decline in swaption vol. I ...
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Wednesday, September 3rd, 2008
I will confess that I did not read the Beige Book but here are the salient points regarding it from a JPMorgan economist.
Consumer spending was described in bleak terms, and it was noted that most household outlays were concentrated on food and other staples while spending on discretionary items had ...
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Wednesday, September 3rd, 2008
Prices of Treasury coupon securities surged again today to new highs for this leg of the cycle. Dealers with whom I speak, all report better buying, but no trader has seen a significantly large flow, nor has anyone with whom I speak heard of some huge thematic flow away. There ...
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Wednesday, September 3rd, 2008
Freddie Mac successfully offered, marketed and priced $3billion 2 year notes today. The issue priced 97.5 basis points cheap to the benchmark 2 year Treasury and 6.5 basis points rich to Libor. Comparable paper closed trading last evening at Libor less 10 ½ basis points so this issue priced with ...
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Wednesday, September 3rd, 2008
The corporate bond market is once again a quiet backwater with little trading in the secondary market. The IG 10 is 143 ½ / 144 ¼ which is little changed from recent levels.Encore International is marketing a three tranche deal with $650 million to $700 million 5 years, $500million to ...
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