Revision
Wednesday, April 29th, 2009In my logorrheic opening I failed to note that amongst all the other happenings on this day the Treasury will auction $ 26 billion 7 year notes at 100PM New York time.
Archive for April, 2009
In my logorrheic opening I failed to note that amongst all the other happenings on this day the Treasury will auction $ 26 billion 7 year notes at 100PM New York time.
Bond Market Open April 29 2009
Wednesday, April 29th, 2009Prices of Treasury coupon securities are posting,on balance, marginal gains following the shellacking which they suffered yesterday. The most aggrieved instrument from yesterday, the Long Bond, is in fact , unchanged. So the gains have a bit of a dead cat bounce about them The yield on the 2 year note ...
BondTraderForum
Tuesday, April 28th, 2009I just added this start up site to the blogroll. It looks interesting and informative and I think it can add to the discussion on the near term course of interest rates.
My Position
Tuesday, April 28th, 2009Yesterday I bought 1500 PST at an average price of $53.43. The yield on the 10 year note at the time was 2.92 percent. I sold 1000 shares before the close at prices between $ 54.07 and $ 54.09. The yield on the 10 year was around 3.01 when I ...
Bond Market Close April 28 2009
Tuesday, April 28th, 2009Prices of Treasury coupon securities plummeted today as issuance by the treasury overwhelmed the capacity of investors to absorb paper. In particular,rumours that the Treasury would announce a 50 year bond tomorrow when it announces the refunding package hammered mercilessly the long end. I do not believe that the Treasury will ...
Mortgages and Swaps
Tuesday, April 28th, 2009There has been a huge amount of receiving in the swap market today and most of it is on spread. Those who receive are not looking for duration but are looking for narrower spreads. The 2year spread is unchanged at 56. That is deceiving because the roll on the new 2 ...
Corporate Bonds
Tuesday, April 28th, 2009Bank and finance paper is still about 5 basis points wider following the weakness this morning generated by the Wall Street Journal story. Other corporate bonds are probably unchanged to just a tad wider. The tone in the market,however, is still very firm. BBT issued 5 year paper and 10 year paper ...
Technicals
Tuesday, April 28th, 2009I am not a big chart guy but a friend of the blog is an excellent technician. With the 10 year note hovering around 3.00 percent I thought it would be worth visiting the charts. He sees support just behind current levels in the area of 3.03/3.05 on the 10 year. If ...
MBS and Swaps and a Little Vol
Tuesday, April 28th, 2009Swap spreads are mixed this morning. Two year spreads are 1 1/4 basis points wider at 57 1/2. Five year spreads are 1/4 basis point wider at 59. Seven year spreads are 1/2 basis point tighter at 31 1/4. Ten year spreads are 1/4 narrower at 13 3/4. Thirty year ...
Corporate Bonds
Tuesday, April 28th, 2009The Wall Street Journal article on bank stress tests has manufactured a lugubrious opening for financial names this morning. I wrote yesterday regarding the mini watershed of the BBT deal and how it was the first non FDIC paper in a very long time in that sector. The company issued 5 ...