Morgan Stanley Prices FDIC Bonds
Wednesday, November 26th, 2008$5.25B MORGAN STANLEY 3PART "TLGs" FDIC GUAR. NOTES MS(BKS)/CITI/GS/MUFG/WFC AAA/AAA/AAA ...
Archive for November, 2008
$5.25B MORGAN STANLEY 3PART "TLGs" FDIC GUAR. NOTES MS(BKS)/CITI/GS/MUFG/WFC AAA/AAA/AAA ...
HSBC on Chicago Purchasing Managers
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HSBC on Durable Goods
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Opening Comments November 26 2008
Wednesday, November 26th, 2008Prices of Treasury coupon securities posted solid gains in overnight trading as fear that the spate of data set for release this morning will show a deepening contraction.The yield on the 2 year note has slipped 6 basis points to 1.12 percent. The yield on the 3 year note has ...
Closing Comments November 25 2008
Tuesday, November 25th, 2008Prices of Treasury coupon securities surged today in response to actions of the Federal Reserve System to alleviate some of the credit pressures associated with the credit crisis. As I discussed in an earlier posting the Central Bank announced that it would begin buying GSE debt as well as MBS ...
Miscellany
Tuesday, November 25th, 2008Goldman Sachs just priced their 3 ½ year $5billion FDIC guaranteed bond. The issue priced 200 basis points cheap to the 3 year Treasury. There is a lot of curve between November 2011 and June 2012. So a better comparison is the FNMA May 2012 issue and the spread there ...
Federal Reserve and GSE Paper
Tuesday, November 25th, 2008The Federal Reserve in another credit crunch initiative has announced that it will buy $100 billion of agency debentures and $500 billion of MBS over the next few quarters. The press release noted that spreads were wide and the intention of the Federal Reserve is to revive the housing market. MBS are ...
HSBC on the GDP
Tuesday, November 25th, 2008HSBC: US Preliminary Q3 GDP - Soft Consumer Spending * Q3 GDP was revised to -0.5% (consensus -0.5%) from -0.3% * Consumption was revised to -3.7% (consensus -3.2%) from -3.1% and now shows a steeper downward trajectory * This ...
FDIC Bonds
Tuesday, November 25th, 2008Goldman is selling $5 billion of FDIC guaranteed bonds today with a June 2012 maturity. The price talk is T+220 basis points. At that spread they are very cheap. Agency paper is not full faith and credit paper. This paper carries the full faith and credit guarantee of the US government. They ...
IG 11
Tuesday, November 25th, 2008IG 11 is opening at 255 which is a basis point tighter than the close. It is also 30 better than the widest prints last Thursday morning. One commentator/trader noted that the driving force in the IG 11 currently is CMBS desks who have taken to using the IG 11 ...