Archive for January, 2009
Friday, January 23rd, 2009
In previous posts I have spoken of the bugaboo of increasing supply from the Treasury and the deleterious impact it will have on the Treasury curve. One analyst I read this morning (at Greenwich Capital ) made the point that in 2008 the refunding auctions , on average, totalled $37 ...
Posted in Uncategorized | 27 Comments »
Friday, January 23rd, 2009
Bloomberg has an article by a Bloomberg reporter, Anchalee Worrachate, which suggests that France's AAA rating may begin to feel some pressure as budge deficits rise in absolute terms and relative to GDP.The article notes that the spread of French 10 year bonds to similar bunds has widened to 57 ...
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Friday, January 23rd, 2009
The IG 11 is opening at 219/221 and that looks to be about 5 wider.For the Libor lovers I have a problem. I am using an Apple computer this morning and I have the foggiest idea how to cut and paste. So I can not help with that this morning.
Posted in Uncategorized | 5 Comments »
Friday, January 23rd, 2009
Charlotte Anne Jansen Preall entered the world yesterday January 22 2009 at 438PM Chicago time. She tipped the scales at 7 pounds 10 ounces and both mother and child are doing very well.The proud parents are my daughter Jaclyn and her husband Jon.My wife Donna and I changed our flight ...
Posted in Uncategorized | 17 Comments »
Thursday, January 22nd, 2009
I am flying out at 415PM so I might post intermittently.
* December housing starts fell 15.5% to a new cycle-low 550k (consensus 605k), down from 651k in November. Building permits fell 10.7% to a new low of 545k (consensus 600k), down from 615k.
* Starts and permits have fallen 45% and ...
Posted in Uncategorized | 7 Comments »
Thursday, January 22nd, 2009
Looks like I will not be flying until later today so for Sharon and the other Libor lovers I present the daily matrix!!
Libor US$ Fixing
1/22 1/21 Change
OVERNIGHT 0.21000 0.18750 0.02250
1 WEEK 0.29125 ...
Posted in Uncategorized | 2 Comments »
Thursday, January 22nd, 2009
There is a strong probability that there will be no blogging today.
It is 630AM in New York and I just received the joyous news from my daughter Jaclyn in Chicago that she thinks she is in labor. She "thinks" because this is her first time with this experience.
She is a ...
Posted in Uncategorized | 33 Comments »
Wednesday, January 21st, 2009
The global economic slump has had deleterious effect on Japapnese exports as they drop 35 percent from a year ago.
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Wednesday, January 21st, 2009
Prices of Treasury coupon securities sagged today as the equity market rebounded and financial stocks recovered. It is not unlike a scene from the Orwell classic 1984 in which history is rewritten and yesterday did not happen.Supply remains a factor as the Treasury will enter a period of heavy supply ...
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Wednesday, January 21st, 2009
Mortgage bonds are tighter to swaps by about 5 ticks, on average. However, lower coupons continue their outperformance and FNMA 4s are better by about 12/32. So the results today are rather coupon dependent. One trader with whom I spoke noted that in the short run supply is limited and ...
Posted in Uncategorized | Comments Off on Swaps and MBS