Archive for August, 2009
Monday, August 31st, 2009
Prices of Treasury coupon securities have traded with volatility within a narrow range today and are closing near the best levels of the day.
As I reported in an earlier missive, rate lock selling caused a mini panic in the long end of the market and at one point the 30 ...
Posted in Uncategorized | Comments Off on Bond Market Close Aug 31 2009
Monday, August 31st, 2009
British PM proposes to limit investment banker bonuses.
The barbarians are at the gates of the city.......AFL CIO proposes tax on speculative financial transactions.
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Monday, August 31st, 2009
Corporate bonds are virtually unchanged in a day of quiet trading.
There was one new issue from Republic Services,a trash hauler. That entity was hoping to sell $ 500 million 10 year notes around 225 basis points cheap to the 10 year note.
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, August 31st, 2009
Swap spreads are tighter across the curve today. Two year spreads are one basis point tighter at 34 1/2. Three year spreads are 2 basis points tighter at 46 3/4. Five year spreads are 1 1/2 basis points tighter at 36. Seven year spreads have tightened 2 basis points to ...
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Monday, August 31st, 2009
Corporate bond spreads are unchanged in very quiet trading this morning.
One participant noted that AIG hybrids were off several points. Some are questioning the rally in the common and if you dont believe the common rally it is tough to love the preferreds.
The Chicago PMI touched 50. It has not ...
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Monday, August 31st, 2009
Mortgages opened about a basis point wider to swaps. Traders there are contemplating the month end extension and street positions in advance of it.
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Monday, August 31st, 2009
The Treasury market took a pretty sharp header and gave up all of its overnight gains and then lost significant ground. The 10 year note which had been up 10 ticks reversed course andwas down on the day. It has turned around again and is now up 6 ticks on ...
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Monday, August 31st, 2009
Swap spreads are mostly unchanged this morning. Two year spreads are unchanged at 35 and five year spreads are unchanged at 37. Ten year spreads are a basis point tighter at 22. Thirty year spreads are unchanged at NEGATIVE 9.
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Monday, August 31st, 2009
- 5yr Snr Bank CDS: BAC 166/176 (+5), CITI 265/275 (+5), JPM 64/69 (+1), WFC 88/93 (+3)
- 5yr Snr Broker CDS: GS 130/135 (+2), MS 160/170 (+4)
- CDS Index: IG12 117.5/118.5 (+4)
Posted in Uncategorized | Comments Off on IG 12 and Some CDS
Monday, August 31st, 2009
Federal Reserve Bank of New York President William Dudley said in a CNBC interview that it was too early to curtail all of the central banks securities purchases.
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