Libor Chart
Thursday, November 13th, 2008or US$ Fixing 11/13 11/12 Change OVERNIGHT .40000 .38250 .01750 1 WEEK .87500 .84000 .03500 2 WEEKS 1.06250 1.04000 .02250 1 MONTH 1.42250 ...
Archive for November, 2008
or US$ Fixing 11/13 11/12 Change OVERNIGHT .40000 .38250 .01750 1 WEEK .87500 .84000 .03500 2 WEEKS 1.06250 1.04000 .02250 1 MONTH 1.42250 ...
IG 11
Thursday, November 13th, 2008IG 11 is showing modest improvement at the open as it has narrowed 5 basis point to 196. One trader reports that the Index has traversed the 180/200 level three times in the past month and he expects some tightening as participants trade that range.
Opening Comments November 13 2008
Thursday, November 13th, 2008Prices of Treasury coupon securities have registered modest gains in overnight trading as the economic backdrop for investors remains grim. The yield on the 2year note has declined 2 basis points to 1.14 percent and rests within spitting distance of the record low yield attained in 2003. The yield on ...
Bedtime Reading
Thursday, November 13th, 2008Industrial Production in China still growing but at diminished pace as global economy slumps. I have been derelict in following the bill market where rates are plummeting. I promise some coverage tomorrow. Spending shrinks in New Zealand. Intel warns on 4th quarter revenues and sets equities up for another rocky day tomorrow.
November 12 2008 Closing Comments
Wednesday, November 12th, 2008Prices of Treasury coupon securities catapulted higher today (except in the 30 year sector in which the gains were muted) as fear of economic weakness outweighed concerns about the flood of supply from the US Treasury.The yield on the 2 year note has tumbled 7 basis points to 1.17 percent. ...
Brad Setser on China and Treasury Bond Purchases
Wednesday, November 12th, 2008I had wondered when I read of the Chinese stimulus package if that would cause the Chinese to diminish their avid support of our lifestyle. Brad Setser posted an excellent piece on that topic at his website which I commend to you.
Agency Spreads
Wednesday, November 12th, 2008Agency spreads are wider on the day. Two year spreads have widened by about five basis points. Five year spreads have moved out by four basis points and ten year spreads are out about nine basis points.The level of client activity was subdued most of the day. As I noted in ...
Ten Year Auction
Wednesday, November 12th, 2008The Treasury released the results of the 10 year auction moments ago. There was a slight concession to market levels. Central banks had a robust bid and purchased 35.5 percent of the issue.
Spread Potpourri
Wednesday, November 12th, 2008Agency spreads are wider on the day as the statement by Treasury Secretary Paulson engendered in the words of one trader "disappointment". He spoke of all the steps which the government has taken to shore up those entities but in the end it falls short of an explicit full faith ...
Corporate Bonds
Wednesday, November 12th, 2008The corporate bond market as judged by the IG 11 is taking a polite clubbing this morning. This index is quoted 198 ½ / 200 1//2. It closed 186ish on Monday.There is a reasonable volume of new issues hitting the market today. ATT is offering 5 year notes and the ...