Archive for April, 2009
Thursday, April 23rd, 2009
* TREASURY TO AUCTION $26 BILLION IN SEVEN-YEAR NOTES
* TREASURY TO AUCTION $35 BILLION IN FIVE-YEAR NOTES
* TREASURY TO AUCTION $40 BILLION IN TWO-YEAR NOTES
The rolls are opening around pick 4 basis points for each issue.
Total size of the package is an amazing $101 billion.
Posted in Uncategorized | 2 Comments »
Thursday, April 23rd, 2009
Corporate bonds remain quite firm this morning and paper is 5 basis points to 10 basis points tighter.
Bank and finance names are generically about 10 tighter.
General Electric paper in the 3year through 5 year sector is better by 10 basis points.
The 10 year VZ is tighter by a nickel at ...
Posted in Uncategorized | Comments Off on Bond Market: Corporate Bonds
Thursday, April 23rd, 2009
Jobless claims increased to 640K from 613K the prior week. The four week moving average decline marginally to 647K from 651K.
Dealers report end user buying of 5 year and 10 year thus far this morning.
I failed to mention earlier that the Open Market Desk is buying back Treasury paper ...
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Thursday, April 23rd, 2009
- 5yr Snr Bank CDS: BAC 280/295 (-5), CITI 585/605 (-10), JPM 172/182 (-3), WFC 253/263 (-5)
- 5yr Snr Broker CDS: GS 240/250 (-10), MS 355/365 (unch)
- CDS Index: IG12 181.5/183 (-4.5)
Posted in Uncategorized | Comments Off on Credit Market Open
Thursday, April 23rd, 2009
The overnight session (according to one dealer ) was quite active. Central banks bought off the run two year notes, seven year notes and ten year notes.Speculators bought the five year.
Real money clients were observed exiting long positions.
Posted in Uncategorized | 3 Comments »
Thursday, April 23rd, 2009
Prices of Treasury coupon securities are posting modest losses in overseas trading.Economic data released overnight was mixed but equity markets around the globe have a mostly improved tone about them. In Europe the focus seems to be on better than expected earnings report from Credit Suisse and a services and ...
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Wednesday, April 22nd, 2009
Prices of Treasury coupon securities took a serious tumble today and (in the 10 year sector) bonds have returned to levels which prevailed when the central bank announced that it would intervene in the free market and purchase $ 300 billion of Treasury debt.
Supply weighed on the market. California completed ...
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Wednesday, April 22nd, 2009
Mortgages are unchanged to a tick better versus swaps (which I quoted earlier).
Volatility is well bid across the vol surface. Volatility has been very directional as rates rise and as 10 year Treasuries approach the high end of the trading range vol has richened.
One participant with whom I spoke thinks ...
Posted in Uncategorized | 4 Comments »
Wednesday, April 22nd, 2009
Freddie Mac announced yesterday( in my absence) a 5 year deal which they had planned to launch and price today.
Life intervened and the sad death of a senior officer at Freddie led to the postponement. Apparently, the dealers who are marketing the bonds wanted some representation from Freddie that the ...
Posted in Uncategorized | 4 Comments »
Wednesday, April 22nd, 2009
Swap spreads are narrower across the curve today.
Two year spreads are tighter by 2 basis points at 64 1/2. Five year spreads are tighter by 2 1/4 basis points at 61 1/4. Ten year spreads are narrower by 1 1/4 basis points at 14 3/4. Thirty year spreads are at ...
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