Archive for October, 2008

MBS and Swaps

Thursday, October 23rd, 2008

Mortgages are about 8 ticks wider to swaps this morning. There has been real money selling and originator selling. Swaps are unchanged from 2 year through 10 years.  The 30 year swap spread has tightened a basis point and that puts it in Rod Serling Twighlight Zone territory at minus one.

IG 11

Thursday, October 23rd, 2008

The IG 11 is opening about a basis point wider this morning. The first quote that I have seen is 204 1/2  /  207 1/2. Update: cdx index - ig11  closed 203/205                                            ...

Gloomy UPS

Thursday, October 23rd, 2008

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Libor Chart

Thursday, October 23rd, 2008

                                                                                Libor US$ Fixing                  10/23        10/22      Change                      OVERNIGHT       1.20625      1.11875     .08750 1 WEEK          2.19750      2.16875     .02875 2 WEEKS         2.55375      2.51875  ...

Some Opening Comments October 23 2008

Thursday, October 23rd, 2008

Prices of Treasury coupon securities have registered mixed results in overseas trading with the longer end of the Treasury curve unchanged while the shorter maturities posted small losses. The yield on the benchmark 2 year note edged higher by 3 basis points to 1.53 percent. The yield on the 5 ...

Feeling the Pain at Walmart

Wednesday, October 22nd, 2008

LOS ANGELES (Reuters) - Wal-Mart Stores Inc's U.S. customers, increasingly worried about their own financial security, are waiting until they get their paychecks to buy even the most basic necessities, the retailer's U.S. division head said on Tuesday. Personal financial security, a recent poll revealed, was the No 1 concern for ...

Closing Comments October 22 2008

Wednesday, October 22nd, 2008

Prices of Treasury coupon securities surged today as the global economic meltdown sparked buying of US Treasury debt. The market opened with the residue of fear generated overseas as stock markets overseas fell sharply and the bid firmed throughout the day as losses in equities multiplied here.The yield on the ...

Agency Spreads

Wednesday, October 22nd, 2008

Agency spreads enjoyed an episode of tightening today as the offering of the first bond guaranteed by the UK government provided some price discovery for the US agency market.Barclays offered 3 billion Euros of a 3 year bond which received the imprimatur of the UK government under the new program. ...

Corporate Bonds

Wednesday, October 22nd, 2008

Corporate bond spreads are on the soggy side once again today. One salesman who is often times cited here described the mood of the market as being as bad as it has been any time in the last month. He describes a market which is bleeding from its various orifices ...

Eurodollar Profit Taking

Wednesday, October 22nd, 2008

I just spoke with a gentleman who trades a Eurodollar position and he noted that in spite of the fissures in the stock market that there has been some profit taking in that market. The March 2009 contract made a low of 9667 back on September 24th and traded to a ...