Good News for Sheep
Thursday, April 9th, 2009Here is an interesting tidbit from the Bloomberg. The plunge in building has cut demand for flooring ( carpets) and that has driven the price of wool to a 30 year low.
Archive for April, 2009
Here is an interesting tidbit from the Bloomberg. The plunge in building has cut demand for flooring ( carpets) and that has driven the price of wool to a 30 year low.
Treasury Market Close April 08 2009
Wednesday, April 8th, 2009Prices of Treasury coupon securities, on balance, posted gains today and the longer the security the more significant was the gain. The yield on the 2 year note was the wayward cousin as it increased 2 basis points to 0.92 percent. The yield on the 3 year note declined a basis ...
Agencies
Wednesday, April 8th, 2009Agency spreads are tighter across the curve. Two year spreads are two basis points tighter. Five year spreads are one basis point tighter and 10 year spreads are three basis points tighter. FNMA priced $ 6billion 2 year notes at +60. I heard there were $13 billion of orders. The issue ...
Primary Dealer
Wednesday, April 8th, 2009For those unfamiliar with the names, here is the shrunken list of primary dealers with whom the Federal Reserve transacts business.
Corporate Bonds
Wednesday, April 8th, 2009Corporate bonds are "en fuego",tambien. bank and finance paper as well as industrial are 5 basis points to 10 basis points tighter. TMT paper is 5 basis points tighter. One salesman described the market as bid without. There has been light issuance only and that has driven investors to the secondary market. There ...
MBS and Swaps
Wednesday, April 8th, 2009Swaps are pretty much tighter in all the maturity buckets except for the seven year which leaked a tad wider. Two year spreads were three basis points tighter at 57. Three year spreads were one basis point tighter at 54 3/4. Five year spreads narrowed one basis point at 58 3/4. ...
Brief Update
Wednesday, April 8th, 2009The Open Market Desk purchase in the 1year through 2 year sector was on the slim side and especially slim in the waning moments prior to the 3 year note auction. Consequently, traders are shellacking the front end of the yield curve as they set up for the bidding in just ...
Three Year Auction Prelude
Wednesday, April 8th, 2009The Treasury will shortly ask the dealer community to risk its scarce capital on the largest 3 year note auction since the dawn of human history. There are $35 billion of these puppies available. The good news is that the issue has cheapened about 6 basis points versus the 2 year ...
Bond Vol
Wednesday, April 8th, 2009A friend of the blog( and kind contributor) emailed that bond vol has come off sharply of late. I checked around and several sources cite several reasons for that. The range trade is taking on more and more of a following as it seems that we are stuck in a range ...
MBS and Swaps
Wednesday, April 8th, 2009Swap spreads are unchanged in the 2year ,10 year and 30 year sectors at 60,61 and NEGATIVE 23 1/2, respectively. Five year spreads are changing but are just one basis point wider at 61. Mortgages have opened about a basis point tighter to swaps . There has been solid buying of ...