Archive for July, 2009
Wednesday, July 8th, 2009
Prices of Treasury coupon securities have posted modest and uniform gains in overseas trading.
There was a baseball announcer for the Brooklyn Dodgers (whose name I cant recall) who would sometimes proclaim that deuces were wild when there were two men on base and two out and sometimes the score might ...
Posted in Uncategorized | 2 Comments »
Tuesday, July 7th, 2009
Prices of Treasury coupon securities (mostly) are surging today as wobbly equities provide the impetus for a breakout rally. It really is not just the weakness in equities which has pushed yields lower but a confluence of several factors.
First some levels and then some reasons. The 2 year note is ...
Posted in Uncategorized | 5 Comments »
Tuesday, July 7th, 2009
Swap spreads are mixed. Two year spreads are tighter by 3/4 basis point at 38.Three year spreads are 1/4 basis point wider at 49 1/2. Five year spreads are unchanged at 42. Seven year spreads are 1/4 basis point wider at 19 1/4. Ten year spreads are 1 basis point ...
Posted in Uncategorized | Comments Off on SWAPS and MBS and VOL
Tuesday, July 7th, 2009
Corporate bond spreads remain little changed in muted trading.
Barclays priced $ 2.5 billion 5 year notes at T+ 2 7/8 . The issue is 10 basis points tighter in the gray market.
Poland priced $ 2billion 10 year notes at T+290. I have not been able to find a quote on ...
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Tuesday, July 7th, 2009
Now playing at Across the Curve global headquarters "The Essential Johnny Cash".It is a two disk "best of " CD. I enjoy the stuff he did with June Carter and with Dylan.
Posted in Uncategorized | Comments Off on Musical Interlude
Tuesday, July 7th, 2009
Agency spreads are mixed today. Two year spreads are tighter by a basis point and five year spreads are a basis point wider. Ten year spreads are 1/2 basis point tighter.
The Federal Reserve announced that beginning July 9 2009 it will make available to the market agency bonds which it ...
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Tuesday, July 7th, 2009
The three year note auction tailed about 2.5 basis points with Timothy Geithner awarding bonds to bidders at a rate of 1.519. The market has been well bid and firm all morning.
Some reported central bank buying this morning in the new three year note. Others report that the pricing of ...
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Tuesday, July 7th, 2009
In my original post this morning I was somewhat negative on the 3 year note because I thought that the widely held and very crowded trade is the curve steepener. I think that works to the detriment of the 3 year note and I believe that the trade which hurts ...
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Tuesday, July 7th, 2009
Swap spreads are tighter by 1 3/4 basis points at 37 3/4. Five year spreads are 1 basis point tighter at 41. Ten year spreads are 1 1/4 basis point tighter at 10. Thirty year spreads are 1 basis point tighter at NEGATIVE 19.
Posted in Uncategorized | Comments Off on Swaps
Tuesday, July 7th, 2009
Mortgages opened 1tick to 2 ticks tighter to swaps. Selling from originators remains muted. The US central bank and other central banks have been spotted as buyers of pass throughs. The up in coupon trade is outperforming.
Corporate bond spreads are unchanged in a very quiet market. As i reported yesterday ...
Posted in Uncategorized | Comments Off on Corporates and MBS