IG 12 and Some CDS
Tuesday, July 21st, 2009- 5yr Snr Bank CDS: BAC 135/145 (-5), CITI 295/315 (-10), JPM 66/71 (-3), WFC 100/110 (-5) - 5yr Snr Broker CDS: GS 105/115 (-8), MS 147/157 (-8) - CDS Index: IG12 122/123 (-2)
Archive for July, 2009
- 5yr Snr Bank CDS: BAC 135/145 (-5), CITI 295/315 (-10), JPM 66/71 (-3), WFC 100/110 (-5) - 5yr Snr Broker CDS: GS 105/115 (-8), MS 147/157 (-8) - CDS Index: IG12 122/123 (-2)
Bond Market Open July 21 2009
Tuesday, July 21st, 2009Prices of Treasury coupon securities are exhibiting mixed changes in overnight trading with most benchmark issues registering very modest losses. The yield on the 2 year note increased a solitary basis point to 0.98 percent. The yield on the 3 year note is dramatically unchanged at 1.53 percent. The yield on ...
Libor
Tuesday, July 21st, 2009Libor (three month) opened at 0.50313 today versus 0.50500 yesterday.
Bernanke in the Wall Street Journal on Exit Strategies
Tuesday, July 21st, 2009Chairman Bernanke (in an unusual move ) discusses exit strategies from the Fed's current policy stance. I thought it was unusual as the piece is in the Wall Street Journal on the day that the Chairman will testify before Congress on the economic outlook and monetary policy. The article is rather ...
Bond Market Close July 20 2009
Monday, July 20th, 2009Prices of treasury coupon securities opened with weakness but have spent the remainder of the day rebounding and are closing with robust gains. Why did the market shift direction? As always there is more than one reason. I think the principal reason is deal flow and heavy demand for a variety of ...
MBS and VOL and Swaps and Corporates and Agencies
Monday, July 20th, 2009Swap spreads have tightened several basis points from levels which prevailed when I wrote about them earlier today. Two year spreads are 1/2 basis points tighter on the day at 47 1/4. Five year spreads are 1 1/4 basis points wider at 50 3/4. Earlier they had been at 52. Ten ...
Corporate Bonds
Monday, July 20th, 2009The corporate bond market is quite firm this morning with the market generically about 5 basis points tighter. The seeming resolution to the CIT imbroglio and the firm tone in the equity market have bolstered sentiment. There are several new deals today. CItibank is offering $ 2billion 30 year bonds. Price talk is ...
Musical Interlude
Monday, July 20th, 2009I do not know very much about Steve Earle but someone gave me a copy of his album "Transcendental Blues " and it is good music. That is currently playing at Across the Curve global headquarters.
MBS and Swaps
Monday, July 20th, 2009Mortgages have opened about 1 1/2 basis points wider to swaps. There has been selling of low coupons by servicers. There has been light selling only from originators. The Federal Reserve has been a buyer and regional banks have joined them in that endeavor. The banks have been better buyers of ...
Administrative Note
Monday, July 20th, 2009I had to transport my wife to the airport so there was no opening post this morning. Serious blogging begins in a few minutes.