Archive for September, 2008
Tuesday, September 23rd, 2008
06:52 23Sep2008 RTRS-FED'S BERNANKE PREPARED TESTIMONY- -DESPITE ACTIONS, FINANCIAL MARKETS UNDER EXTRAORDINARY STRESS
-BERNANKE-ESSENTIAL TO DEAL WITH CRISIS AT HAND
-IF FINANCIAL CONDITIONS FAIL TO IMPROVE IMPLICATIONS "QUITE ADVERSE"
-CONGRESSIONAL ACTION ...
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Monday, September 22nd, 2008
Prices of Treasury coupon securities have spent most of the day mired in negative territory but have pared their losses as the day draws to a close. In fact, the steep declines in the stock market have caused the 2 year tone to turn positive on the day while the ...
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Monday, September 22nd, 2008
I just had a long conversation with a portfolio manager at a large money manager whose specialty is corporate bonds. He laments the broken state of that market and does not see any quick fix on the horizon.He noted that bid/ offer spreads have become egregiously wide. It is very ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, September 22nd, 2008
The Treasury did announce some new supply this week and reflecting its gargantuan cash nees it announced record sized issues in the 2 year sector and 5 year sector.
The Treasury will sell $34 billion 2 year notes and 24 billion 5 year notes later this week. That is record issuance ...
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Monday, September 22nd, 2008
Mortgages are opening sharply wider to both benchmark Treasury paper as well as swaps. MBS lags Treasury paper by 16 ticks and swaps by 14 ticks.
While there was very heavy buying Friday morning,there was no follow through over the course of the day. Purportedly, there was a large seller Friday ...
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Monday, September 22nd, 2008
Swap Spreads are opening wider. The 2 year sector is 1/2 basis point wider and the 5 year and 10 years sectors are each 2 basis points wider.
The IG 10 is opening 146 / 148. Corporate market paticipants report that there is a need to issue as the recent volatility ...
Posted in Uncategorized | Comments Off on Credit Open
Monday, September 22nd, 2008
Prices of Treasury coupon securities have erased some of the outsized losses which resulted from the announcement of the Treasury plan to bailout the financial system with the purchase of illiquid assets from the portfolios of financial institutions. The plan reduced safe have demand for Treasury debt and also raised ...
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Sunday, September 21st, 2008
Here is a fact sheet from the Treasury on the bailout.
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Saturday, September 20th, 2008
That is not exactly an odd lot transaction but it is the amount that the Associated Press is reporting the Administration will be seeking to fund the taxpayer sponsored purchase of illiquid assets from debilitated balance sheets around the country. (Not around the world. The foreigners who provide the marginal dollars to ...
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Saturday, September 20th, 2008
The Wall Street Journal in its Saturday edition has a story on the bailout. This story (and another in a source which I can not recall) states that the Treasury will buy the illiquid paper and hire outside investment managers to run the portfolio. (I wonder if there will be ...
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