Not a Raging Rally
Friday, November 21st, 2008CMBX AAA are not screaming but they are 40 better in early trading.
Archive for November, 2008
CMBX AAA are not screaming but they are 40 better in early trading.
Goldman Sachs: Downbeat
Friday, November 21st, 2008Goldman Sachs sees the unemployment rate reaching 9 percent and thinks that in the current quarter GDP is contracting at 5% annual rate.
Opening Comments November 21 2008
Friday, November 21st, 2008Prices of Treasury coupon securities are surrendering some of the historic advances achieved yesterday as stock markets around the world bounce from the 11 year lows they reached yesterday. I guess the pertinent question is to discern if the market today is doing an imitation of a moribund feline striking ...
UBS Forecast of the Next Labor Report: Ugly
Thursday, November 20th, 2008November employment forecast: -325k, 6.9% The latest new claims reading covered the sample week for the November employment report. At 507k, the four-week average was up from 491k in the previous week and 481k at the time of the October sample week. Continuing claims have also trended higher; they lag by ...
CMBS
Thursday, November 20th, 2008From a late email: Cash AAAs widened 325 basis points. The email author wanted to put the recent carnage into stark relief for the non aficionados in the room. He noted that GSMS 07-GG 10- A4 is a benchmark deal. Two weeks ago it traded at 83. Today it traded at ...
Part Two
Thursday, November 20th, 2008There have been stunning and dramatic moves in the market since wrote my earlier piece. The Long Bond is trading at a yield of 3.43 percent and the dollar price has exploded 9 points today. I have done this for nearly 30 years. I have never witnessed this before. Even ...
Closing Comments November 20 2008: Part 1
Thursday, November 20th, 2008Prices of Treasury securities registered solid gains today. That is a bit of understatement as the gains were robust but tempered for maturities of 5 years or less while gains in the 10 year sector and the 30 year sector were spectacular. In that regard, I will go in reverse order ...
Corporate Bonds
Thursday, November 20th, 2008It was a pretty quiet day in the corporate bond market with little trading in cash securities. The IG 11 is finishing the session 264/266 after having traded in the mid 270s. As I wrote earlier the tumult in CMBS land encouraged some traders there to use IG 11 as ...
Swap Spreads
Thursday, November 20th, 2008Swap spreads have retreated from the best levels of the day. Two year spreads are now wider by 2 basis points at 105 1/4. Five year spreads are 1/4 basis point tighter at 95 3/4 basis points. Ten year spreads are 5 basis points tighter at 20 1/2 basis points. ...