Archive for April, 2009
Tuesday, April 28th, 2009
The ink will not be dry on this week's series of coupon auctions when the Treasury announces tomorrow details of the May refunding package. In another era the quarterly refunding was the focal point of Treasury financing activity and the quarterly bond was an orgy of duration for investors to ...
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Tuesday, April 28th, 2009
I have been having some PC problems again and I wanted to see how things are working so I published half of the morning update and will continue with the rest momentarily.
I mentioned lat Tuesday that a computer virus attacked the corporate headquarters here at Across the Curve. The IT ...
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Tuesday, April 28th, 2009
Prices of Treasury coupon securities are posting modest gains in overnight trading. Equity markets around the globe are suffering the slings and arrows of outrageous fortune (I just made that phrase up) this morning .
Equities are slumping in response to a Wall Street Journal story this morning which states that ...
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Monday, April 27th, 2009
Prices of Treasury coupon securities surged today as investors reacted to swine flu fears and the attendant angst that the flu might damage the nascent economic stability. I think there was also a group of investors who focused on comments by Obama economic guru Lawrence Summers who opined over the ...
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Monday, April 27th, 2009
Swap spreads (in the front end) ratcheted narrower today as Libor set lower. Two year spreads narrowed by 3 1/4 basis points to 59 1/2. Three year spreads are tighter by 4 1/2 basis points at 57 1/2. Five year spreads are tighter by 1 1/4 basis points at 58 ...
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Monday, April 27th, 2009
Corporate bond spreads are marginally wider on the day as corporates lag the rally in the Treasury market.
The highlight of the day is the benchmark deal by regional banking entity BBT. The company is offering benchmark size in the 5 year and 10 year sector. The price talk is +390 ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, April 27th, 2009
The 2 year auction result was slightly weaker than I anticipated. The yield was 0.949 which was 1.3 basis points weaker than where the issue was trading at auction time.
Indirect bids declined about 8 percent from last month. This month indirect bidders took 28.7 percent of total versus 36.6 percent ...
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Monday, April 27th, 2009
Momentarily the Treasury will auction $ 40 billion 2 year notes. There has been very active trading of the issue in the brokers market this morning. Dealers expect to see robust demand for the issue.
It is trading at the back end of its trading range and for those who like ...
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Monday, April 27th, 2009
Corporate bonds are opening a tad wider amidst light volume. Salespersons, however, report that there is still robust demand for the product and any appreciable backup in spreads as a result of the swine flu story would bring buyers to the market.
I have not heard of any new issuance yet.
China ...
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Monday, April 27th, 2009
Mortgages are lagging the rally in Treasuries by about 2/32. The level of activity is on the light side. Originators are relatively quiescent and while there has been overseas buying it has been quite minimal. As has been the custom of late foreign investors have favored GNMA 4 1/2s.
One dealer ...
Posted in Uncategorized | Comments Off on MBS