Summer Doldrums
Monday, July 13th, 2009The blog CreditTrader has an interesting quote from Dennis Gartman regarding the "summer doldrums". He notes that while it may turn quiet, that quiescense does not preclude violent market swings.
Archive for July, 2009
The blog CreditTrader has an interesting quote from Dennis Gartman regarding the "summer doldrums". He notes that while it may turn quiet, that quiescense does not preclude violent market swings.
Corporate Bonds
Monday, July 13th, 2009Corporate bonds are unchanged to a tad wider. There is very little trading and at this juncture there is no new issuance. One senior salesman and friend of the blog notes that the pause in tightening has lasted about three weeks now and he expects that the pause will turn into ...
Bonds Retreat
Monday, July 13th, 2009The Treasury market has retreated from that steamy levels which prevailed when I wrote my opening post. It appears that the bond market's fortunes are inextricably joined at the hip with the fortunes of the equity markets. Equities, which had been lower when I wrote earlier, have rebounded on bullish ...
IG 12 and Some CDS
Monday, July 13th, 2009- 5yr Snr Bank CDS: BAC 208/218 (+3), CITI 400/415 (+8), JPM 100/105 (+2), WFC 148/158 (+8) - 5yr Snr Broker CDS: GS 155/165 (+2), MS 195/205 (+2) - CDS Index: IG12 147/148 (+3)
Libor Open
Monday, July 13th, 2009Three month Libor is opening at 0.50938. It opened Friday at 0.505.
Bond Market Open July 13 2009
Monday, July 13th, 2009Prices of Treasury coupon securities have surged in overnight trading and the 10 year note yield has hit a new cycle low. Weak equity markets and concerns regarding the strength of any global recovery have motivated trading. The yield on the 2 year note is 3 basis points lower at 0.87 ...
Links for Saturday Morning
Saturday, July 11th, 2009The Democrats in Congress will propose a tax on the wealthiest Americans to fund health care reform. As one Republican Congressman notes,it is a pretty wacky idea with unemployment at nearly double digits and the economy having just flirted with financial Armageddon. It also, even more so than any other action ...
Bond Market Open July 10 2009
Friday, July 10th, 2009Prices of Treasury coupon securities are posting modest gains in overnight trading. One can posit that the sell off yesterday was an underwriting response to the 30 year bond auction. One can also with some safety believe that the risk aversion trade remains in vogue. While not falling dramatically most global ...
Miscellaneous Links
Thursday, July 9th, 2009There has been a chorus of world officials over the last several months questioning the role of the dollar as well as the need for a new reserve currency. Today a Chinese official joined the chant at the G8 meeting. Here is link to the FT story. Japanese PPI plunges 6.6 percent ...
Bond Auction
Thursday, July 9th, 2009In less than an hour the Treasury will auction $ 11 billion Long Bonds. It is a reopening of an existing issue. Market participants are a bit problematical bout today's auction. There will be no convexity bid today. Convexity types conduct their hedging in the 5 year through 10 year part ...