IG 11
Tuesday, November 18th, 2008IG 11 is opening unchanged at 214/217
Archive for November, 2008
Libor Open
Tuesday, November 18th, 2008Libor US$ Fixing 11/18 11/17 Change OVERNIGHT .40000 .40000 .00000 1 WEEK .94375 .91875 .02500 2 WEEKS 1.13750 1.12750 .01000 1 MONTH 1.45250 ...
Some Opening Comments November 18 2008
Tuesday, November 18th, 2008Prices of Treasury coupon securities are posting small gains in overnight trading. As stocks declined in late New York trading yesterday yields on benchmark Treasury debt declined several basis points from levels I had cited in my closing piece and pandemic equity market weakness sparked additional yield declines.The yield on ...
Technicians Speak
Tuesday, November 18th, 2008I have mentioned that I have a moderate sized position short the equity market and long 10 year notes. Against that bit of background and full disclosure I shamelessly flog my position by linking to a Bloomberg story in which several chartists predict dire outcomes for equities.
Closing Comments November 17 2008
Monday, November 17th, 2008Prices of Treasury coupon securities posted modest gains today as economic releases paint a grim picture of a stumbling economy and announcements of chunky layoffs by former financial giant Citibank raise the specter of a deep and harsh recession.Against that background, the yield on the 2 year note edged lower ...
Corporate Bonds
Monday, November 17th, 2008Participants in the corporate bond market describe a deadly, dull depressing day. The level of activity from clients was quite subdued.The IG 11 is currently 208/210. It had opened 8 wider this morning on a wide 210214 quote. There was one new deal. An entity with the appellation Sempra Energy is offering ...
Agency Market
Monday, November 17th, 2008Agency spreads are unchanged in the 2year sector and also in the 10 year sector. Three year spreads and five year spreads are wider by about 5 basis points each.FNMA is the culprit for the spread widening in the three year and five year sectors. That entity reopened an outstanding ...
JPMorgan on Industrial Production
Monday, November 17th, 2008Industrial production increased 1.3%m/m in October, considerably above expectations (JPM: 0.6%, consensus: 0.2%). However, September was revised down from -2.8% to -3.7%, which is the biggest monthly decline since 1946. The net result is that the 4Q run-rate on IP was tracking -9.8%q/q annualized through October, close to our original expectation. Growth in 3Q was ...
HSBC on the Empire Survey
Monday, November 17th, 2008HSBC: US Nov Empire Manufacturing - Poor Detail * Nov ISM manufacturing down slightly to -25.4 (consensus -26) from -24.6, but several key components worsened * Employment tumbled to -29 from -4, the lowest since December 2001 ...