Archive for July, 2009
Tuesday, July 28th, 2009
The corporate bond market has a somewhat heavy tone about it today but spreads remain mostly unchanged. It feels as though the market is poised for another pause with the possibility of some modest spread widening.
I do not believe that spreads can widen appreciably unless there is some macroeconomic event ...
Posted in Uncategorized | 2 Comments »
Tuesday, July 28th, 2009
In about an hour the treasury will sell $ 42 billion 2 year notes. Central banks have been chunky buyers of the issue the last two days and the forward roll has narrowed from nearly 5 basis points to 4 1/4 basis points as a result.
If you believe Bernanke that ...
Posted in Uncategorized | 5 Comments »
Tuesday, July 28th, 2009
As a child of the 1960s I was addicted to the music of that era and it still comprises the bulk of my listening.
I never listened very much to Frank Sinatra and figured that was something for my Italians relatives who were a generation ahead of me.
Al Kooper has been ...
Posted in Uncategorized | 4 Comments »
Tuesday, July 28th, 2009
Here is an interesting exegesis of health care reform from Fortune Magazine.
This particular piece is reasonably negative and I will be more than happy to present a friendly piece if someone sends me one. I want to be fair and balanced like Bill O' Reilly,
Posted in Uncategorized | 3 Comments »
Tuesday, July 28th, 2009
Swap spreads are unchanged to a tad tighter this morning. Two year spreads are 1/2 basis point tighter at 41. Five year spreads are unchanged at 43. Ten year spreads have narrowed a basis point to 22 . Thirty year spreads are etherized against the sky and are 1/2 basis ...
Posted in Uncategorized | 10 Comments »
Tuesday, July 28th, 2009
One early email write noted that MBS is opening strong. He writes that the Open Market Desk has been buying twice as much product as the originators have been selling.
The up in coupon trade is lagging and he notes that the breadth of the market is deep as many new ...
Posted in Uncategorized | Comments Off on MBS
Tuesday, July 28th, 2009
The 10 year note is putting in a solid performance this morning and is rebounding nicely from yesterday's close.
I think there are several reasons for the recovery. First of all the markets are very very thin and illiquid. That is a constant refrain from traders and salespersons with whom I ...
Posted in Uncategorized | Comments Off on Thoughts on the Strong Treaury Market Opening
Tuesday, July 28th, 2009
- 5yr Snr Bank CDS: BAC 145/155 (+2), CITI 315/325 (+5), JPM 62/72 (+2), WFC 90/100 (unch)
- 5yr Snr Broker CDS: GS 108/118 (unch), MS 150/160 (unch)
- CDS Index: IG12 117.5/118.5 (+5)
Posted in Uncategorized | Comments Off on IG 12 and Some CDS
Tuesday, July 28th, 2009
Prices of Treasury coupon securities have posted modest gains in overnight trading. The yield on the 2 year note slipped one basis point to 1.03 percent. The yield on the 3 year note also declined a basis point and rests at 1.59 percent. The yield on the 5 year note ...
Posted in Uncategorized | 1 Comment »
Tuesday, July 28th, 2009
Citigroup to Raise 1.25 Billion Euros From Sale of 10-Year Bonds
2009-07-28 09:16:35.599 GMT
By Caroline Hyde
July 28 (Bloomberg) -- Citigroup Inc. will sell 1.25
billion euros of 10-year bonds, according to a person with
knowledge of the transaction.
Posted in Uncategorized | 2 Comments »