Archive for December, 2008
Tuesday, December 2nd, 2008
Agency spreads continue to tighten with 5 year and 10 year spreads tighter by about a dozen basis points today. There has been chunky buying from domestic retail accounts and foreigners who have held a predilection to sell have held their fire for now.There is talk that the Federal Reserve ...
Posted in Uncategorized | 6 Comments »
Tuesday, December 2nd, 2008
There is some active issuance in the corporate bond market today.
Hewlett Packard is offering a long 5 year (March 2014). The size has not been determined but it will be $1billion plus. Spread talk is wide but real at T+ 450,which is about 100basis points cheap to outstanding Hewlett paper.
Caterpillar ...
Posted in Uncategorized | 3 Comments »
Tuesday, December 2nd, 2008
The IG 11 is opening about 1 basis point tighter at 258/261.
Posted in Uncategorized | Comments Off on IG 11
Tuesday, December 2nd, 2008
Libor US$ Fixing
12/02 12/01 Change
OVERNIGHT 1.00375 1.08750 -.08375
1 WEEK 1.19875 1.20625 -.00750
2 WEEKS 1.29000 1.30375 -.01375
1 MONTH ...
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Tuesday, December 2nd, 2008
Prices of Treasury coupon securities are posting modest gains in overnight trading and remained poised to push through the record and historic lows attained yesterday.The yield on the 2 year note dropped 4 basis points to 0.86 percent. The yield on the 3 year note fell 3 basis points to ...
Posted in Uncategorized | 10 Comments »
Tuesday, December 2nd, 2008
CMBX and ABX tranches suffered an impolite bludgeoning today.
AAA CMBX widened 80 basis points to 100 basis points. AJ tranches widened 110basis points to 125 basis points. Slices of the capital structure below AAA widened 30 basis points to 150 basis points.
One commentator noted that AAAs have not surrendered all ...
Posted in Uncategorized | 3 Comments »
Tuesday, December 2nd, 2008
Here are what I believe are the lowest yields attained today on benchmark Treasury debt: 2 year 0.85
5 year 1.65
10 year 2.65
30 year 3.18
Save them for your grandchildren and let them know that you were there the day the music died!
Posted in Uncategorized | Comments Off on Low Yields
Monday, December 1st, 2008
Australia slashes rates by 100 basis points.
Posted in Uncategorized | Comments Off on Antipodean Angst
Monday, December 1st, 2008
Prices of Treasury coupon securities have surged today in another historic trading session as yields once again plumb depths never thought imaginable. Stock market routs around the globe motivated early trading as did pervasive weakness in global manufacturing activity. Domestic economic data released in the US magnified the weakness as ...
Posted in Uncategorized | 9 Comments »
Monday, December 1st, 2008
JPMorgan has reviewed the ISM data and the conclusions are strikingly downbeat and negative. There is no good news hiding in the shadows of this one:
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Posted in Uncategorized | 4 Comments »