FDIC Markets
Tuesday, December 9th, 2008FDIC Debt, Market JP 2⅝ 12/01/10 158/153 v 2yr MS 2.90 12/01/10 149/144 v 2yr ...
Archive for December, 2008
FDIC Debt, Market JP 2⅝ 12/01/10 158/153 v 2yr MS 2.90 12/01/10 149/144 v 2yr ...
Libor Open
Tuesday, December 9th, 2008Libor US$ Fixing 12/09 12/08 Change OVERNIGHT .14000 .18625 -0.04625 1 WEEK .60000 .73750 -0.13750 2 WEEKS .82375 .99375 -0.17000 1 MONTH 1.63500 1.82500 ...
Some Opening Comments December 09 2008
Tuesday, December 9th, 2008Prices of Treasury coupon securities are registering modest losses in subdued overseas trading. Economic data released overnight, on balance, were mixed but had a bearish tint about them. However, there was no smoking gun of fresh weakness evident and the weight of Treasury issuance later this week pushed prices lower.The ...
Closing Comments December 08 2008
Monday, December 8th, 2008Prices of Treasury coupon securities registered modest losses today as investors out the curve opted for riskier assets.I note riskier assets because the three month bill auction (held every Monday) had an amazing result. The treasury sold $27 billion three month bills at a yield of 0.005. Virtually zero. There ...
Corporate Bonds
Monday, December 8th, 2008It was an active day in the new issue market for corporate bonds. Shell an infrequent AA1/AA+ issuer brought $2.75 billion 30 year bonds to market. It was a less than successful endeavor. The bonds priced at T+325 and have traded as cheaply as +340.One salesman noted that every one ...
Agency Bonds
Monday, December 8th, 2008FNMA announced a benchmark 5 year note today (unexpectedly). Investor demand will help determine the size. The issue will mature in December 2013. FNMA has indicated a pricing spread in the low to mid 120s over the 5 year note. That equates to about L+ 25. There is a July ...
Treasury Supply
Monday, December 8th, 2008The Treasury has announced its new supply. It has increased the size of the new three year note to $28 billion from the $25 billion of the inaugural issue. The auction is Wednesday. The reopening of the ten year will total $16billion. The auction is Thursday.
FDIC RUN
Monday, December 8th, 2008A friend of the blog has forwarded a run of the spread levels for the FDIC bonds. Observe how much they have narrowed since pricing. fdic run - opening levels indications ...
CMBS
Monday, December 8th, 2008They cant get enough CMBS either. AAA tranches are tighter anywhere from 50 basis points to 100 basis points. AJ tranches are better by 125 basis points to 165 basis points. Just as public works projects are good for subprime mortgages(?) the Obama announcement is having a beneficial effect on CMBS, ...
Miscellany
Monday, December 8th, 2008On Friday in MBS the FNMA 6 1/2s were up 6 ticks in price while the FNMA 5s were down 19 ticks. Today the coupon stack is trading in line without significant out performance by one group. Low coupon MBS has tightened 7 basis points to 10 basis points versus Treasuries. Separately, ...