Archive for June, 2009
Friday, June 26th, 2009
Here is an interesting exposition of a topic I certainly do not follow,the net international investment position of the US. JPMorgan economist Michael Feroli authored the piece and it describes the deterioration of the US position during 2008.
Net international investment position is US owned foreign assets less foreign owned US ...
Posted in Uncategorized | 3 Comments »
Friday, June 26th, 2009
It has been a very quiet summer Friday in the fixed income market. The market has maintained a bid throughout the day and the several local sell offs induced buying. As we speak the 10 year Treasury has breached the Maginot Line at 3.50 and trades at 3.496. It is ...
Posted in Uncategorized | Comments Off on Afternoon Miscellany.
Friday, June 26th, 2009
One trader reports that banks are heavy sellers of mortgages and that they will probably remain in that zone until quarter end.
Earlier in the month the banks had planned to sell and take profits but those profits evaporated when the wheels fell off the market earlier in the month.
As the ...
Posted in Uncategorized | Comments Off on MBS
Friday, June 26th, 2009
Campbell Soup is offering $ 300 million 5 year notes. Price talk is 87.5 to 100 basis points. .I suspect that it will be a "foodfight" and no pun is intended.
Mortgages are opening to mixed flows.One dealer reported buyers out of the chutes and another observed FNMA 4 1/2 sellers.
Another ...
Posted in Uncategorized | Comments Off on Miscellany in the Morning
Friday, June 26th, 2009
From a Washington Post story on CBO analysis of spending and revenue.
It is not a pretty picture.
Posted in Uncategorized | 1 Comment »
Friday, June 26th, 2009
BAC 7 5/8 2019 412/402 +5 basis points from previous open
C 8 1/2 2019 480/470 unchanged from previous open
JPM 6.30 2019 270/260 unchanged from previous open
GS 7 1/2 2019 310/300 -2 basis points from previous open
Posted in Uncategorized | Comments Off on Selected Corporate Bond Spreads
Friday, June 26th, 2009
- 5yr Snr Bank CDS: BAC 235/245 (+3), CITI 438/448 (+2), JPM 113/123 (+3), WFC 160/170 (+3)
- 5yr Snr Broker CDS: GS 157/167 (+2), MS 215/225 (unch)
- CDS Index: IG12 138.5/140 (unch), HVOL12 315/325 (unch)
Posted in Uncategorized | Comments Off on IG 12 and Some CDS
Friday, June 26th, 2009
Libor broke through to a new level this morning as it posted at 0.5975 versus 0.60125 yesterday.
Posted in Uncategorized | Comments Off on Libor
Friday, June 26th, 2009
Prices of Treasury coupon securities are registering small mixed changes in overnight trading. The market is resting after a week of breakneck trading and $ 104 billion of supply from the US Treasury. The Treasury will announce another round of coupon supply next week but the actual bidding process will ...
Posted in Uncategorized | Comments Off on Bond Market Open June 26 2007
Thursday, June 25th, 2009
Prices of Treasury coupon securities surged today as investors completed the purchase $ 104 billion of notes issued this week by taking that seven year note offering at a full sprint. The market continued to trade higher following the auction and as we speak is punching out new low yields ...
Posted in Uncategorized | 4 Comments »