IG 11
Thursday, January 15th, 2009IG 11 opens one tighter at 218/221
Archive for January, 2009
JPM Earnings
Thursday, January 15th, 2009I guess the stream of income I expect in retirement in several years is still intact as JPM had a positive quarter,albeit with significantly less profit than in the same quarter one year ago.
For the Libor Lovers
Thursday, January 15th, 2009Libor US$ Fixing 1/15 1/14 Change OVERNIGHT 0.11750 0.10500 0.01250 1 WEEK 0.24125 0.23250 0.00875 2 WEEKS 0.27500 0.26500 0.01000 1 MONTH 0.33375 0.32875 0.00500 2 MONTH 0.84125 0.84000 0.00125 3 MONTH 1.08563 1.08250 0.00313 4 MONTH 1.24250 1.22750 0.01500 5 MONTH 1.36875 1.34625 0.02250 6 MONTH 1.50125 1.47125 0.03000 9 MONTH 1.66000 1.63375 0.02625 12 MONTH 1.77125 1.74625 0.02500
Opening Comments January 15 2009
Thursday, January 15th, 2009Prices of Treasury coupon securities maintain a robust tone as economic reports continue to manifest weakness and credit concerns are unabated. Market participants brace for a round of data today in the US which could portend a fresh round of softening.The flattening of the yield curve evident yesterday is once ...
Dimon: Dismal 2009
Wednesday, January 14th, 2009The FT interviewed Jamie Dimon of JPM and he paints a less than festive picture for business prospects in the current year.
Closing Comments January14 2008
Wednesday, January 14th, 2009Prices of Treasury coupon securities catapulted higher today as the very weak retail sales report as well as a renewal of credit concerns sparked a rush to buy Treasuries.The yield on the 2 year note slipped 3 basis points to 0.71 basis points. The yield on the 3 year note ...
Corporate Bonds
Wednesday, January 14th, 2009The new issue corporate calendar is on the active side today as it has been the last several days.Pepsi Bottling is offering $300 million 10 year notes at T + 300 which is virtually no concession to outstanding paper. Campbell Soup offered and priced $300 million 10 year at 2 3/8 ...
Agency Market is Agony Today
Wednesday, January 14th, 2009Agency spreads are still quite a bit wider on the day. Two year spreads are 10 basis points to 12 basis points wider. Five year spreads are 8 basis points to 10 basis points wider and 10 year spreads are about 15 wider.Spreads have widened as supply in other sectors ...
Spread Markets
Wednesday, January 14th, 2009Credit markets are taking a battering today. The flight to riskier assets which began at with the Federal Reserve announcement that the Federal Funds rate would remain at zero for the rest of our natural lives has paused and possibly reversed itself. There are several factors leading to the change of ...
HSBC on Retail Sales
Wednesday, January 14th, 2009* Dec retail sales were dreadful, coming in well below market expectations at -2.7% versus market expectations of -1.2%. Ex-auto sales were even worse at -3.1%, versus expectations of -1.4%. This is the worst reading since records began in 1967. To add insult to injury, Nov total sales were revised ...