Archive for March, 2009
Thursday, March 26th, 2009
Corporate bonds have a nice heady tone about them today. One veteran salesman described the action as a delayed response to the improvement in the equity market this week.Credit spreads had never followed suit
Industrial names and TMT are 5 basis points to 10 basis points better and financial names are ...
Posted in Uncategorized | 4 Comments »
Thursday, March 26th, 2009
Mortgages are opening unchanged to swaps.
Originators have been selling 4 1/2s.
The Federal Reserve has been a modest buyer.
Asian accounts have been observed buying GNMAs.
Money managers and hedge funds have been sellers of low coupons.
Swap spreads are mixed.Two year spreads are a basis point wider at 59 1/2. Five year spreads ...
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Thursday, March 26th, 2009
5yr Snr Bank CDS: BAC 325/335 (unch), CITI 555/565 (unch), JPM 175/185 (unch), WFC 240/250 (-5)
- 5yr Snr Broker CDS: GS 270/280 (+5), MS 370/380 (unch)
- CDS Index: IG12 178.5/180 (-2)
Posted in Uncategorized | Comments Off on IG 12 and CDS
Thursday, March 26th, 2009
There is quite a bit of Fedspeak today. Lockhart,Fisher,Lacker and Stern from the Fed will speak as will Geithner.
I did see one report which noted that Geithner misspoke or was misinterpreted in a speech before the Council of Foreign Relations last night and he caused some severe short term turbulence ...
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Thursday, March 26th, 2009
Prices of Treasury coupon securities have posted mixed results in overseas trading. The 2 year and 3 year maturity buckets are virtually unchanged while a malaise hangs over the longer maturities which face another round of supply today with the memory of yesterday's sloppy result fresh in the minds of ...
Posted in Uncategorized | 6 Comments »
Wednesday, March 25th, 2009
Prices of Treasury coupon securities (for the most part) took a serious tumble today as the weight of supply proved too much for the market to digest.The 2 year note was an oasis of stability as its yield is unchanged at 0.95 percent. Then it turns ugly. The yield on ...
Posted in Uncategorized | 8 Comments »
Wednesday, March 25th, 2009
Secondary market paper is unchanged to about 5 basis points tighter. The level of activity from clients was subdued.
Supply remains a bit of a bugaboo. Verizon priced a 10 year and a 30 year yesterday at 3 7/8 and this morning the deal was 400/395. The 10 year deal has ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, March 25th, 2009
Swaps are closing mixed. Two year spreads are wider by a basis point at 59. Three year spreads are tighter by 4 1/4 basis points at 52 1/2. Five year spreads are also 4 1/4 basis points tighter at 56 3/4. Seven year spreads have narrowed 4 1/2 basis points ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Wednesday, March 25th, 2009
The Federal Reserve bought more bonds than participants had expected as they took down $ 7.5 billion bonds in the 7 year through 10 year sector. They were aggressive in terms of the par amount taken but when viewed against what was offered to them they left over $ 13 ...
Posted in Uncategorized | 11 Comments »
Wednesday, March 25th, 2009
I posted this last evening and it has not garnered alot of traffic. I thought it was humorous so I am running it in the daylight hours. Give it a listen.
Posted in Uncategorized | 2 Comments »