Archive for March, 2009
Monday, March 9th, 2009
MBS are about 1/32 better versus swaps/
Two year swap spreads are wider by 4 basis points at 82 1/4 basis points. Five year spreads are wider by 2 basis points at 72 1/2. Ten year spreads are 3/4 basis point wider at 25. Thirty year spreads are 3/4 wider also ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Monday, March 9th, 2009
IG 11 is opening 5 wider at 255/257.
Posted in Uncategorized | Comments Off on IG 11
Monday, March 9th, 2009
Prices of Treasury coupon securities are posting virtually no changes this morning as the market for US Treasury bonds ignores a welter of bad economic data and indications of a still wobbly financial system. European stock markets are quaking and the US market is manifesting signs that it will open ...
Posted in Uncategorized | 2 Comments »
Friday, March 6th, 2009
Prices of Treasury coupon securities sagged today in spite of a dismal, dire and dour labor market report. In the steel cage death match between the economic fundamentals and the supply and demand technicals, the overwhelming issuance of bonds by the US Treasury is swamping the weakness in the economy. ...
Posted in Uncategorized | 4 Comments »
Friday, March 6th, 2009
Mortgages are about unchanged to swaps today. Lower coupons continue to outperform premium issues.
Swap spreads are mixed. Two year spreads are 2 ½ basis points wider at 78 basis points. Five year spreads are one basis point wider at 71 ¾. Ten year spreads are ¾ basis points tighter at ...
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Friday, March 6th, 2009
Agency spreads are manifesting very little movement today. Two year spreads are wider by one basis point at 72. Five year spreads are unchanged at 79 and ten year spreads are 3 basis points wider at 73.
I mentioned in an earlier posting the Fed’s large purchase of agencies earlier today. ...
Posted in Uncategorized | Comments Off on Bond Market: Agencies
Friday, March 6th, 2009
The Federal Reserve purchased $4.7 billion of agency debt today. It was the second largest buyback since inception of the program.
The bonds mature between March 2010 and February 2011.
Posted in Uncategorized | 4 Comments »
Friday, March 6th, 2009
Corporate bond market is on the quiet side today. The labor market headline was in line with expectations and that was a relief for participants in that market.
However, there is increasing angst about the potential for a GM bankruptcy filing and that has tempered enthusiasm.
The IG 11 is ...
Posted in Uncategorized | 3 Comments »
Friday, March 6th, 2009
Swap spreads are little changed. Two year spreads are a basis point wider at 78. Five year spreads are unchanged at 72 and ten year spreads are unchanged at 28. Thirty year spreads are one wider at NEGATIVE 28.
Agency spreads are wider by a basis point in 2s and 5s ...
Posted in Uncategorized | 4 Comments »
Friday, March 6th, 2009
The Treasury market has actually sold off marginally since the release of the labor data. I think that is all about the supply/demand dynamic. Dealers must find buyers for $63 billion of paper next week.
Absent another meltdown in equities the Treasury market should be under pressure as dealers set up ...
Posted in Uncategorized | 5 Comments »