Libor
Wednesday, February 18th, 2009Libor US$ Fixing 2/18 2/17 Change OVERNIGHT 0.30438 0.31250 -0.00812 1 WEEK 0.36625 0.36438 0.00187 2 WEEKS 0.41188 0.41250 -0.00062 1 MONTH 0.47000 0.46625 0.00375 2 MONTH 0.94875 ...
Archive for February, 2009
Libor US$ Fixing 2/18 2/17 Change OVERNIGHT 0.30438 0.31250 -0.00812 1 WEEK 0.36625 0.36438 0.00187 2 WEEKS 0.41188 0.41250 -0.00062 1 MONTH 0.47000 0.46625 0.00375 2 MONTH 0.94875 ...
Ayn Randed
Tuesday, February 17th, 2009World famous former Federal Reserve Chairman Alan Greenspan, a disciple of laissez-fairre capitalist and novelist Ayn Rand, endorsed the idea that it might become necessary to nationalize some banks. Here is a link to an FT story on the topic. Paul Simon in his song A Simple Desultory Phillipic or How ...
Bond Market Close Feb 17 2009
Tuesday, February 17th, 2009Prices of Treasury coupon securities vaulted higher today as fears about the stability of the banking system and the efficacy of the stimulus package motivated buyers. Economic data as manifested by the Empire Survey highlighted the depth and severity of the economic contraction. The combination of all these factors drove ...
Corporate Bonds
Tuesday, February 17th, 2009Corporate bonds have a heavy tone about them but it is not a total debacle. The IG 11 is 209/211 which is about 11 wider for the day. As I noted earlier the corporate new issue market is rather active today in spite of the seemingly soggy environment. I mentioned Roche earlier as ...
Money Market
Tuesday, February 17th, 2009Money markets are the foundational market which provide lubrication and financing for all others. Long time readers know that during the heady days of the crisis I often turned to a friend and former who colleague who trades money markets and has done so for several decades. I turned to him ...
More on Europe
Tuesday, February 17th, 2009A friend of the blog passed this link along in his comment on a previous post. It is rather dire and describes the problems of Eastern Europe and the potential impact of those problems on the rest of the global financial system.
Bond Market: Corporate Department
Tuesday, February 17th, 2009There is some pretty active issuance in the early going in spite of the projectile vomitting in the equity market. Coca Cola Enterprises is bringing $500 million of 3 year and 6 year paper. Honeywell is doing a 5year and a 10 year. I suspect that will be benchmark size. Union Pacific is ...
HSBC on Empire Survey
Tuesday, February 17th, 2009* Empire manufacturing fell 12.5pts to an all-time record low of -34.7 (consensus -24.8), going back the the survey's start in July 2001 * New orders (-30.5 from -22.8) also hit a new record low, while employment (-39.1 from -26.1) essentially matched the previous low of -39.3 back in November 2001 * ...
MBS
Tuesday, February 17th, 2009Mortgages are opening 8 basis points to 9 basis points wider to Treasuries . Origination selling has been light.
Empire Survey
Tuesday, February 17th, 2009Here is link to NY Fed website on the Empire Survey. Ugly!!