Archive for July, 2009
Thursday, July 23rd, 2009
I am a bit embarassed to admit this but I am listening to a best of Glenn Campbell CD. Not my usual stuff but he has a pleasant sound and it is easy listening when trying to divine the movements in the market.
Posted in Uncategorized | Comments Off on Musical Interlude
Thursday, July 23rd, 2009
Swap spreads are opening a tad tighter this morning. Two year spreads are 3/4 basis points tighter at 42 1/2. Five year spreads are 1 basis point tighter at 45. Ten year spreads are a basis point tighter also at 19 1/4. Thirty year spreads are 1/2 basis point tighter ...
Posted in Uncategorized | Comments Off on Swaps and MBS
Thursday, July 23rd, 2009
In the interest of full disclosure I want to reiterate that I am long 1000 shares of LQD which I purchased some time on Tuesday ( during the Bernanke testimony).
I write several times each day about the corporate bond market and I wanted to make sure that my position remains ...
Posted in Uncategorized | 3 Comments »
Thursday, July 23rd, 2009
Financial sector paper is opening unchanged to a nickel tighter this morning.
Here are some non randomly chosen names which are tighter this AM:
C 8 1/8 2039 382/77 versus 387/382 yesterday morning
JPM 4.65 2014 155/145 versus 160/150 yesterday morning
Morgan Stanley 7.3 2019 240/230 versus 250 240 yesterday morning
Posted in Uncategorized | Comments Off on Corporate Bond Cash Market Quotes
Thursday, July 23rd, 2009
To demonstrate the point of how quiet the markets are I note that the analysts at RBS in their morning letter noted that Treasury market volume last night (measured from Tokyo open to 600AM New York time ) was just 55 percent of the 10 day average.
Posted in Uncategorized | Comments Off on Slow, Very Slow
Thursday, July 23rd, 2009
- 5yr Snr Bank CDS: BAC 150/160 (unch), CITI 335/345 (unch), JPM 70/75 (unch), WFC 105/115 (-3)
- 5yr Snr Broker CDS: GS 120/130 (-3), MS 170/180 (unch)
- CDS Index: IG12 122.5/123.5 (+1)
Posted in Uncategorized | Comments Off on IG12 and Some CDS
Thursday, July 23rd, 2009
Prices of Treasury coupon securities have registered virtually no change in overnight trading. The yield on the 2 year note has edged higher by a basis point to 0.95 percent. The other benchmark issues are virtually unchanged. The yield on the 3 year note is 1.48 percent. The yield on ...
Posted in Uncategorized | 5 Comments »
Thursday, July 23rd, 2009
Libor set at 0.50375 this morning versus 0.50188 yesterday.
Posted in Uncategorized | Comments Off on Libor
Wednesday, July 22nd, 2009
Here is a short piece from UBS economists on some of that economic data on the docket tomorrow July 23 2009:
Preview: Claims up, but trend down; existing home sales up again
(1) We forecast only a partial reversal (+53k) in initial jobless claims after the cumulative 95k decline in ...
Posted in Uncategorized | Comments Off on UBS on Jobless Claims Et Alia
Wednesday, July 22nd, 2009
Prices of Treasury coupon securities sagged today and the severest drubbing was in the longer dated securities. Let me record some yield changes and curve shifts and then I will delve into the causes of the price action.
The yield on the 2 year note increased 2 basis points to 0.94 ...
Posted in Uncategorized | 1 Comment »