Archive for April, 2009
Monday, April 20th, 2009
The cash market for secondary market corporate bonds is quite firm,especially when one views it against the carnage in the equity market.
One salesman and friend of the blog describes activity as very light and clocks cash market spreads as unchanged to just a tad weaker.
The JPM 10 year deal from ...
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Monday, April 20th, 2009
I would like to bow humbly for the title to a sports radio talk show host named Ed Randall who does a Sunday morning show in New York entitled Talking Baseball. It is always intelligent and yesterday he had a segment with the above title. Long time readers know my ...
Posted in Uncategorized | Comments Off on Miscellany,Musings and Minutiae
Monday, April 20th, 2009
- 5yr Snr Bank CDS: BAC 235/245 (+15), CITI 520/530 (+5), JPM 165/175 (+10), WFC 215/225 (+5)
- 5yr Snr Broker CDS: GS 210/220 (+10), MS 310/320 (+10)
- CDS Index: IG12 183.5/185 (+7.5)
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Monday, April 20th, 2009
Wikipedia recounts some of the exploits of the proprietor of the Turner site I linked to earlier. It sounds as though he is operating on the lunatic fringe.
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Monday, April 20th, 2009
I have never heard of this website not have I ever heard of Turner Radio but they purport to have leaked results of the stress tests.
They paint a bleak picture and suggest that 16 out of 19 of the largest banks are in dire straits.
Once again please treat with caution.
And ...
Posted in Uncategorized | 13 Comments »
Monday, April 20th, 2009
Prices of Treasury coupon securities are surging in overseas trading with the greatest gains in the longer dated securities. I have not been able to discern one solid significant reason for the bond market rally.
Equity markets in Asia were mixed while European markets are down 1 percent to 2 percent. ...
Posted in Uncategorized | Comments Off on Bond Market Open April 20 2009
Saturday, April 18th, 2009
An interesting story from the Financial Times on stress tests and interpertation thereof.
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Friday, April 17th, 2009
Prices of Treasury coupon securities took a solid and substantial drubbing today. I have noted rate lock selling in corporates several times today. In phone calls in preparation for this closing post sources report that the municipal bond market has played a part in the Friday debacle,too.
Early in the week ...
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Friday, April 17th, 2009
Swap spreads are wider across the curve.Two year spreads are wider by 3 1/2 basis points at 60 1/2. Five year spreads have widened by 2 3/4 basis points at 59 3/4. Ten year spreads have leaked 2 1/2 basis points to 17 1/4. Thirty year spreads are less inverted ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Friday, April 17th, 2009
The appetite for risk product continues and is seemingly unquenchable. Secondary paper is on fire and spreads have ratcheted in by another 5 basis points to 10 basis points. One salesman suggested that it is closer to 10 basis points than the 5 basis points.
There has been a marked change ...
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