Archive for May, 2009
Tuesday, May 12th, 2009
FNMA did announce a benchmark 5 year deal which will price tomorrow. Size has not been announced yet.
I have not heard price talk,either. One source reports that the outstanding FNMA 5 year trades at 47 basis points to the 5 year and the new one should come at a small ...
Posted in Uncategorized | 1 Comment »
Tuesday, May 12th, 2009
I do not visit the FNMA page too often so I do not know how long they have been posting this "cautionary warning" but I hope it has been for quite awhile. I never owned the stock so I can laugh.
Debt Securities
Cautionary Note Regarding Certain Previously Reported Financial Results - ...
Posted in Uncategorized | 1 Comment »
Tuesday, May 12th, 2009
Mortgages are grinding tighter versus Treasuries and swaps. Volumes are light. At the moment Federal Reserve purchases trump sales by originators.
Real money is a small buyer of the up in coupon trade.
Posted in Uncategorized | Comments Off on MBS
Tuesday, May 12th, 2009
I am taking another foray the long side of the IEF. I bought 1000 at 93.28 with the 10 year note at 3.195 .
Posted in Uncategorized | 7 Comments »
Tuesday, May 12th, 2009
MSFT 5yr 80-75
10yr 102-97
30yr 107-104
Posted in Uncategorized | 11 Comments »
Tuesday, May 12th, 2009
i have some opening quotes on early trading in the MSFT deal of yesterday.
The 5 year opened 80/75. The 10 year is 102/97 and the 30 year is 106/101.
The pricing spreads were 95,105 and 105. So there is some congestion in the longer tranche.
There are more corporate deals this morning. ...
Posted in Uncategorized | 2 Comments »
Tuesday, May 12th, 2009
5yr Snr Bank CDS: BAC 192/202 (unch), CITI 355/370 (unch), JPM 115/125 (unch), WFC 135/145 (unch)
- 5yr Snr Broker CDS: GS 170/180 (unch), MS 260/270 (unch)
- CDS Index: IG12 150/151.5 (+1), HVOL12 322/332 (+2)
Posted in Uncategorized | Comments Off on Credit Market Open
Tuesday, May 12th, 2009
Prices of Treasury coupon securities, on balance , have reversed the gains of yesterday as global equity markets stabilize following a bout of profit taking yesterday.
The yield on the 2 year note has increased 2 basis points to 0.91 percent. The yield on the 3 year note has climbed 2 ...
Posted in Uncategorized | 9 Comments »
Tuesday, May 12th, 2009
The WSJ reports that the Obama Administration is considering a tax on soda to assist in the funding of government sponsored health insurance.
It is looking as though there is no tax that these fellows oppose or would not consider using. I noted earlier today that the Administration has targeted securities ...
Posted in Uncategorized | 16 Comments »
Monday, May 11th, 2009
May 12 (Bloomberg) -- China’s export slump worsened in April, making it harder for the government to revive the world’s third-biggest economy.
Overseas sales declined 22.6 percent to $91.94 billion from a year earlier, the official Xinhua News Agency said. Imports fell 23 percent.
The collapse of world trade has cost millions ...
Posted in Uncategorized | 8 Comments »