Archive for October, 2008
Tuesday, October 21st, 2008
The corporate bond market is a broken shattered vessel and a shoddy reminder of its once mighty and powerful self. It is beginning to resemble the statue of Ozymandias which Shelly described in the poem of that name as "a colossal wreck".I wanted a dramatic opening as some benchmark corporate ...
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Tuesday, October 21st, 2008
Agency spreads have retreated from the steamy levels attained earlier today but remain tighter on the day. Two year benchmarks are trading around 150 basis points which is 5 basis points tighter than the previous close. Benchmark paper in the 5 year sector is trading at Treasury plus 125 basis ...
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Tuesday, October 21st, 2008
Swap spreads are gapping tighter, too. Two year spreads have narrowed 5 1/2 basis points and five year spreads have narrowed 4 3/4 basis points. Ten year spreads are tighter by 6 basis points. The spread in the 30 year sector has narrowed 9 1/2 basis points and the 30 ...
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Tuesday, October 21st, 2008
Agency spreads are gapping tighter this morning. James Lockhart is the Director of the Federal Housing Finance Agency and he suggested this morning that the US Government will be behind FNMA and Freddie Mac "short, medium and long term". Some intrepid souls have taken that as a guarantee which of ...
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Tuesday, October 21st, 2008
The IG 11 is leaking wider and is now 192/194 which is about 7 wider in the day.
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Tuesday, October 21st, 2008
Currently General Collateral is trading 50 cents bid and 30 cents offered but is expected to drift higher as the day progresses. As it glides toward the Federal Funds rate that is an outward sign that financial stress is diminishing and that Polonius' advice to his son is being ignored ...
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Tuesday, October 21st, 2008
10/21 10/20 Change
OVERNIGHT 1.28125 1.51250 -.23125
1 WEEK 2.43750 2.71875 -.28125
2 WEEKS 2.76875 3.08125 -.31250
1 MONTH 3.52750 ...
Posted in Uncategorized | Comments Off on Pretty Libor Table
Tuesday, October 21st, 2008
IG 11 is opening 187/189 which is slightly wider than the 186 1/2 close late yesterday.
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Tuesday, October 21st, 2008
Libor has opened lower again today. I do not have the nice table yet but overnights have declined 23 basis points to 1.28 percent, one week rates dropped 28 basis points to 2.4375 percent, one month fell 22 basis points to 3.5275 and three month Libor set 22 basis points ...
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Tuesday, October 21st, 2008
Prices of Treasury coupon securities posted minuscule mixed changes in overseas trading. The yield on the benchmark 2 year note slipped one basis point to 1.69 percent. The yield on the 5 year note also slipped one basis point and it trades around 2.78 percent currently. The yield on the ...
Posted in Uncategorized | Comments Off on Some Opening Comments for October 21 2008