IG 12 and Some CDS
Wednesday, July 15th, 20095yr Snr Bank CDS: BAC 183/193 (-10), CITI 373/383 (-5), JPM 93/98 (-5), WFC 130/140 (-5) - 5yr Snr Broker CDS: GS 135/145 (-10), MS 183/193 (-7) - CDS Index: IG12 135/136 (-2)
Archive for July, 2009
5yr Snr Bank CDS: BAC 183/193 (-10), CITI 373/383 (-5), JPM 93/98 (-5), WFC 130/140 (-5) - 5yr Snr Broker CDS: GS 135/145 (-10), MS 183/193 (-7) - CDS Index: IG12 135/136 (-2)
An Early Musical Interlude
Wednesday, July 15th, 2009I am a Bob Dylan junkie and own virtually everything he did between 1961 and 1974. I also own untold copies of others covering his music. This morning I am listening to his appearance at Royal Albert Hall in the UK in 1966. He was backed by The Band and was ...
Bond Market July 15 2009
Wednesday, July 15th, 2009Prices of Treasury coupon securities are posting small mixed changes in overnight trading. In fact some benchmark prices were unchanged while others posted small declines. Ebullient sentiment in the equity market is still weighing on the bond market. Goldman Sachs posted better than expected earnings as did JNJ earlier. After the ...
Libor
Wednesday, July 15th, 2009Libor gliding higher as it set this morning at 0.51375 versus 0.51313 yeasterday.
Paul McCulley
Wednesday, July 15th, 2009Reader AT of Germany (Across the Curve is a global enterprise) has pointed out an (brilliant) article by Pimco's Paul McCulley which discusses the proper marriage of monetary and fiscal policy when confronted with deflation and a liquidity trap. It is quite worthwhile reading and draws heavily on work by Paul ...
Bond Market Close July 14 2009
Tuesday, July 14th, 2009Prices of Treasury coupon securities retreated today as a confluence of negative factors combined to push prices lower ( and with the inverse relationship between yield and price intact) and yields higher. Economic data out of the chute this morning was not comforting. This is still a fixed income market and ...
Spread Melange
Tuesday, July 14th, 2009The corporate bond market has a better tone today but very little is trading. The new issuance machine is quiescent save for a deal from something with a very dumb name,CareFusion. It is a medical products spin off of Cardinal Health Care and it won't take long for some clever fellow ...
Dell on the PC Market
Tuesday, July 14th, 2009Dell says that it appears that the PC market has struck bottom but it does not see quick turn arround.
Miscellany
Tuesday, July 14th, 2009The Treasury market is once again ambling through a very quiet session. Benchmark issues have rebounded from their worst levels but there is very little trading. Traders are focused on the equity market and the Goldman Sachs inspired rally of yesterday. One veteran observer of the bond market posits that Goldman ...
IG 12 and Some CDS
Tuesday, July 14th, 20095yr Snr Bank CDS: BAC 193/203 (-2), CITI 285/400 (-5), JPM 96/101 (unch), WFC 135/145 (unch) - 5yr Snr Broker CDS: GS 145/155 (unch), MS 190/200 (unch) - CDS Index: IG12 139.5/140.5 (-2)