Archive for March, 2009
Thursday, March 12th, 2009
The Treasury in a scant 30 minutes will complete the March refunding cycle with an auction of $11 billion Long Bonds.
The issue is cheap on the curve. It lags 10s, 5s , and bond contracts.
Speculation is rising that the Fed will end up buying Treasury debt and is watching the ...
Posted in Uncategorized | 10 Comments »
Thursday, March 12th, 2009
The Treasury market is well bid this morning and has shrugged off the retail sales report. FNMA is pricing a 5 year shortly and some suspect that the unwinding of hedges associated with that transaction has kept the market bid. The main focus of the Treasury market is the reopening ...
Posted in Uncategorized | 8 Comments »
Thursday, March 12th, 2009
Swiss Central Bank Will Buy Currencies, Bonds
2009-03-12 13:05:57.642 GMT
By Fergal O’Brien
March 12 (Bloomberg) -- The Swiss National Bank will buy
currencies to stem the appreciation of the franc and will also
buy Swiss franc bonds issued by companies. The Zurich-based
central bank made the announcement on a conference call today.
Posted in Uncategorized | 4 Comments »
Thursday, March 12th, 2009
As you are well aware retail sales were surprisingly strong. Ian Morris of HSBC suggests that consumption in Q1 will be in the range of 1 to 1.5 percent. Not strong but he notes that many had expected a collapse and consumption at a -4.0 percent clip. GDP for the ...
Posted in Uncategorized | 2 Comments »
Thursday, March 12th, 2009
IG 11 currently 2 bps wider at 246/248.
Posted in Uncategorized | 2 Comments »
Thursday, March 12th, 2009
Prices of Treasury coupon securities have posted modest gains in overnight trading as economic news released overnight revived fears regarding the depth and length of the global economic collapse. Against that background, Benchmark Treasury securities uniformly declined 3 basis points in yield.
The yield on the 2 year note is 0.96 ...
Posted in Uncategorized | 3 Comments »
Wednesday, March 11th, 2009
Even the take from gambling is slumping.
Posted in Uncategorized | Comments Off on Tough Time in Vegas
Wednesday, March 11th, 2009
Across the Curve
A daily bond market chronicle
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March 11th, 2009 4:15 pm | by John Jansen | Prices of Treasury coupon securities surged today following a 10 year note auction in which the dealer community overwhelmed the best interests of the taxpaying public and purchased bonds at very cheap levels. (Which ...
Posted in Uncategorized | 7 Comments »
Wednesday, March 11th, 2009
Agency paper is mixed today. Two year sector is tighter by a basis point and three year sector paper is unchanged. Five year paper is wider by 2 basis points and 10 year paper is tighter by about 2 basis points.
I previously mentioned supply in the 5 year sector. The ...
Posted in Uncategorized | Comments Off on Agency Debt
Wednesday, March 11th, 2009
Mortgages are unchanged to swaps. Money managers were early buyers of current coupons and premiums.
Swap spreads are tighter across the board. Two year spreads are tighter by 5 at 72 1/4. Five year spreads are 3 1/4 basis points tighter at 63 3 /4. Ten year spreads are 1 3/4 ...
Posted in Uncategorized | Comments Off on MBS and Swaps