Archive for November, 2008
Thursday, November 6th, 2008
Corporate bonds as measured by IG 11 are about 6 basis points cheaper on the day. The last quote I observed on the IG 11 was 192/194.It has been a rather quiet day and there was virtually no new issuance. Participants are observing the renewal of carnage in the equity ...
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Thursday, November 6th, 2008
I have not written about the money markets in some time as they have retreated from center stage and have seemingly left the main stage for the wings. As regular readers are aware I speak often with a veteran money market trader for his sage observations on the state of ...
Posted in Uncategorized | Comments Off on Money Market Redux
Thursday, November 6th, 2008
Mortgages stabilized about 1/4 point wider to the benchmark 10 year Treasury. Pension fund investors as well as money managers arrived like the calvary in an old Western to save the day.
Rolls are trading at the equivalent of 3 percent or Libor plus 125 basis points. One large dealer avers ...
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Thursday, November 6th, 2008
The long end of the Treasury market is under pressure this morning. I have two reasons. We are at the low end of the recent trading range and it is prudent to take some profits. There is also a school of thought that the refunding can not be accomplished without ...
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Thursday, November 6th, 2008
Major retailers are reporting October same store sales today and the results illustrate a glum consumer and presage a difficult holiday season.
Walmart had better than expected month which is actually a negative as consumers funnel spending to low end stores. ( If any loyal readers are regular habitues of that ...
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Thursday, November 6th, 2008
An early quote makes the IG 11 191 1/2 193 1/2 versus a 187 close.
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Thursday, November 6th, 2008
The ECB acts also.
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Thursday, November 6th, 2008
The Swiss National Bank cut rates by 50 basis points.
Posted in Uncategorized | Comments Off on Switzerland,Too
Thursday, November 6th, 2008
Prices of Treasury coupon securities are posting mostly muffled gains in overnight trading. Equity markets around the globe followed the sullen example of the US market of yesterday and most major markets are manifesting sizeable losses. Economic data and corporate announcements released overnight illustrate a global economy in a deep ...
Posted in Uncategorized | Comments Off on Some Opening Comments November 6 2008
Thursday, November 6th, 2008
Libor US$ Fixing
11/06 11/05 Change
OVERNIGHT .32750 .32250 .00500
1 WEEK .85000 .93625 -.08625
2 WEEKS 1.18125 1.23750 -.05625
1 MONTH 1.76750 1.95625 -.18875
2 MONTH 2.24875 2.41250 -.16375
3 MONTH 2.38750 2.50625 -.11875
4 MONTH 2.48875 2.62500 -.13625
5 MONTH 2.60125 2.72375 -.12250
6 MONTH 2.69875 2.82375 -.12500
9 MONTH 2.78750 2.90250 -.11500
12 MONTH 2.84125 2.96875 -.12750
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