Archive for March, 2009
Tuesday, March 17th, 2009
The corporate bond market maintained a firm tone day today but the level of secondary cash market activity was subdued. One salesman and friend of the blog reported observing end user buying in the belly of the curve.Those buyers favored quality industrial names such as United Technologies and utilities such ...
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Tuesday, March 17th, 2009
Mortgages are little changed in early trading and they have gyrated about in a narrow range.
Originators have been observed selling 4 1/2s.
In early trading the Federal Reserve has been quiet.
Asian clients have been procuring GNMAs.
Money managers have been taking profits and moving up in coupon.
Posted in Uncategorized | Comments Off on MBS
Tuesday, March 17th, 2009
IG 11 opening about 7 basis points wider at 236/238.
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Tuesday, March 17th, 2009
The housing starts data were much stronger than consensus and increased by 22 percent to an annual pace of 583K.
Analysts note that 82 percent of the increase is in the volatile multi family category rather the single family category which only increased 1 percent.
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Tuesday, March 17th, 2009
Lest we forget I believe it is my duty to constantly reinforce the notion ofupcoming supply from the US Treasury.
The good folks at the Treasury will announce another round of 2 year,5 year and 7 year notes on Thursday. Last month the Treasury sold $ 40 billion 2 year notes, ...
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Tuesday, March 17th, 2009
Prices of Treasury coupon securities are registering very small mixed changes in overnight trading. I think that most participants are content to bide their time for the statement which the FOMC will issue tomorrow at the conclusion of its two day conclave.
Speculation and discussion regarding that statement focuses on the ...
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Monday, March 16th, 2009
Here is some updated Pfizer price talk. The "a" you see after the indicated spread is bond market jargon for area. Earlier in the day I had no info on the 2 year floater but this update contains that:
Books close at 4:30
2yr FRN L+200a Guidance = +/- 5bps
3yr T+310a
5yr T+345a
10y ...
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Monday, March 16th, 2009
Earlier today I surmised that the TIC data was less than festive. I also suggested that Brad Setser would have the definitive exposition of the report. I commend his insightful analysis to you.
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Monday, March 16th, 2009
Prices of Treasury coupon securities slumped today as rebounding equity markets and corporate supply weighed on sentiment. The level of activity from clients was very subdued.
The yield on the 2year note increased 3 basis points to 0.99 percent. The yield on the 3 year note also climbed 3 basis points ...
Posted in Uncategorized | Comments Off on Bond Market Close March 16 2009
Monday, March 16th, 2009
Mortgages are closing the session several ticks tighter to swaps. Flows have been very light. Originators, as is their custom, have been sellers. On the other side of the ledger the Federal Reserve has been a steady buyer of low coupons.
Two year swap spreads are tighter by 1/2 at 68 ...
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