Archive for March, 2009
Wednesday, March 25th, 2009
The Treasury will sell $ 34billion 5 year notes at 100PM New York time. It does not appear to be particularly cheap on the curve. When I plug the WI into the 2year/5 year/10 year butterfly that spread is about - 7 . The recent range has been +7 to ...
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Wednesday, March 25th, 2009
Mortgages are about 3 basis points to 4 basis points tighter to the 5 year note. MBS is benefiting from the underwriting process wherein traders set up for the auction at 100PM. Yes, the central bank is buying some but they aint taking $34 billion!
There has been the usual steel ...
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Wednesday, March 25th, 2009
5yr Snr Bank CDS: BAC 295/305 (+5), CITI 540/550 (+10), JPM 170/180 (+4), WFC 210/220 (+5)
- 5yr Snr Broker CDS: GS 255/265 (+3), MS 363/373 (+3)
- CDS Index: IG11 226/227.5 (+1.5), IG12 186/187.5 (+1.5)
Posted in Uncategorized | Comments Off on IG 11 and IG 12 and Some CDS
Wednesday, March 25th, 2009
Several readers were kind enough to point this out.
Posted in Uncategorized | 13 Comments »
Wednesday, March 25th, 2009
Prices of Treasury coupon securities have (mostly) staged a modest retreat in overnight trading as the market surrenders many of the gains attained following the announcement of the beginning of FOMC intervention in the market today. The yields on the 2 year note and the 5 year note did not ...
Posted in Uncategorized | 5 Comments »
Tuesday, March 24th, 2009
The Japanese economy continues to crash and burn.
This is one of the dumber ideas I have seen in quite some time. It is the equivalent of bailing out the makers of carriages for horses in the 1920s.
Problems with the most recent proposal to bail out the banks.
Goldman Sachs planning to ...
Posted in Uncategorized | Comments Off on Some Links
Tuesday, March 24th, 2009
Change is a simple one syllable word. Barack Obama convinced the nation that he is an agent of change and earned himself a seat in the Oval Office for four years. In the 1960s singer Sam Cooke wrote and sang a moving ballad, “A Change Is Gonna Come” which captured ...
Posted in Uncategorized | 57 Comments »
Tuesday, March 24th, 2009
This is pretty funny especially the ending.
Posted in Uncategorized | 2 Comments »
Tuesday, March 24th, 2009
Prices of Treasury coupon securities are mostly unchanged on the day except for the 30 year bond which is posting substantial gains for the day. Let me first offer a reader beware notice. It is very difficult to frame a snapshot of prices as the announcement of the buyback schedule ...
Posted in Uncategorized | 6 Comments »
Tuesday, March 24th, 2009
Swap spreads are mixed. Two year spreads are 1 1/2 basis points wider at 61. Five year spreads are 2 basis points tighter at 61 1/4. Seven year spreads have narrowed 2 1/4 basis points at 43 3/4. Ten year spreads have narrowed 1 1/2 basis points at 26 basis ...
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