IG 11
Friday, February 13th, 2009IG 11 opening 3 tighter at a wide but real quote of 193/197.
Archive for February, 2009
Libor
Friday, February 13th, 2009Libor US$ Fixing 2/13 2/12 Change OVERNIGHT 0.30000 0.29750 0.00250 1 WEEK 0.35875 0.36000 -0.00125 2 WEEKS 0.40375 0.40500 -0.00125 1 MONTH 0.46125 0.45500 0.00625 2 MONTH 0.94438 ...
Some Overnight Economic News
Friday, February 13th, 2009Here is some economic news which I gleaned from my reading. Toyota will cut production at North American plants and, rather than lay people off, will implement a work sharing agreement in which everyone works ( and earns) 10 percent less. Egypt has lowered interest rates for the first time since 2006 ...
Some Opening Thoughts on Friday the 13th Feb 2009
Friday, February 13th, 2009Prices of Treasury coupon securities are posting mixed results in overseas trading. For now the front end of the yield curve is anchored by the 0 percent funds rate while the residue of supply following completion of the refunding weighs on the back end. Additionally, stock markets around the globe ...
China Links
Friday, February 13th, 2009I am up earlier than usual so I thought I would post a couple of interesting links. The first link is to a Bloomberg story which notes the first signs of recovery in the Chinese economy as the effects of the stumulus package take hold. The second story is fascinating and ironic. ...
Closing Comments February 12 2009
Thursday, February 12th, 2009Prices of Treasury coupon securities posted mixed results with most benchmark issues posting modest gains while the 30 year sector suffered sharp losses as the Treasury auctioned $ 14 billion 30 year bonds. (I think it is wild and preposterous that it has a 3 ½ percent coupon. If that ...
MBS, Swaps and CMBS
Thursday, February 12th, 2009Mortgages are about a tick wider to Treasuries today. There was decent origination in 4 s and 4 1/2s and the up in coupon trade was in vogue. Swap spreads were mixed .The 2 year spread is unchanged at 63 ¼ basis points. The 5 year spread is a basis point ...
Agency Paper
Thursday, February 12th, 2009Agency spreads are tighter by 3 basis points in the 2 year sector and one basis point in the 3 year sector. Five year spreads are unchanged and 10 year spreads are about 5 basis points tighter. The Federal Reserve announced another dollop of largesse and it will purchase agency paper maturing ...
Corporate Bonds
Thursday, February 12th, 2009Corporate bonds are a tad weaker today. Industrial names and telecom names are unchanged to about 5 basis points wider. Financial company names are 5 basis points to 15 basis points wider. One salesman with whom I converse regularly suggests that the softness is nothing more than a pause in the ...
Technical Difficulty
Thursday, February 12th, 2009I had some technical which kept me from posting but it looks as though the gods of cyberspace are smiling on me and I am operating again. The 30 year bond resulted in an average yield of 3.54 percent. When bids were submitted it was trading at 3.49 percent. So as we ...