Archive for August, 2009
Thursday, August 27th, 2009
The Treasury has only issued the 7 year note since March.
The average bid to cover has been 2.44.
The average "tail" has been 1.28 basis points.
On average dealers have taken 52.6 percent of the auction.
On average the indirects have taken 43.7 percent of the auction.
Regarding the direct bids and indirect bids, ...
Posted in Uncategorized | 2 Comments »
Thursday, August 27th, 2009
Today 0.36063
Yesterday 0.37188
Here is an excerpt from the morning note issued daily by economist Chris Low at FTN Financial. He has some interesting thoughts on Libor.
"The WSJ points out 3-mo dollar LIBOR has now fallen lower than 3-mo yen LIBOR, meaning it’s cheaper to borrow in the US than in ...
Posted in Uncategorized | 2 Comments »
Thursday, August 27th, 2009
Prices of Treasury coupon securities are posting small mixed changes in overnight trading.
The yield on the 2 year note is unchanged at 1.05 percent. The yield on the 3 year note is unchanged at 1.54 percent. The yield on the 5 year note has increased a basis point to 2.47 ...
Posted in Uncategorized | 1 Comment »
Thursday, August 27th, 2009
A proposal from the UK which would lower home prices in the Hamptons and kill luxury car sales.........and change a few careers.
Posted in Uncategorized | 1 Comment »
Wednesday, August 26th, 2009
This is hot off the press and is the minutes of the last gathering on the TBAC. I am running out the door for several hours and have not had a chance to read them.
There are usually several interesting little nuggets in here.
Enjoy!
Posted in Uncategorized | 4 Comments »
Wednesday, August 26th, 2009
Interesting price action.
Posted in Uncategorized | 9 Comments »
Wednesday, August 26th, 2009
Prices of Treasury coupon securities posted small mixed changes today as the late summer vacation season leads to a trading session besotted with ennui.
The yield on the 2 year note is unchanged at 1.06 percent. The yield on the 3 year note increased 2 basis points to 1.56 percent. The ...
Posted in Uncategorized | Comments Off on Bond Market Close August 26 2009
Wednesday, August 26th, 2009
Swap spreads moved tighter today.
Two year spreads narrowed by 3/4 basis point (roll adjusted). Five year spreads narrowed 1 1/4 basis points to 40 1/4. Ten year spreads narrowed 1 3/4 basis points to 24 1/4. Thirty year spreads inverted by 3/4 basis points to NEGATIVE 8 3/4.
The three month/ten ...
Posted in Uncategorized | Comments Off on Mortgages and Swaps and Vol
Wednesday, August 26th, 2009
Corporate bonds are unchanged today in what one portfolio manager described as "extremely light " trading.
Westfield Finance priced is offering $ 2billion in securities. The offering is split with a $ 750 million 6 year note and $ 1.250 billion 10 year notes. The company is rated A2/A-. The pricing ...
Posted in Uncategorized | 1 Comment »
Wednesday, August 26th, 2009
The mighty greenback is showing some strength today.
One analyst with whom I converse noted that that the currency had broken through its 4 day and 20 day moving average versus the Euro.
The same analyst suggested that sterling could be in for a bit of a tumble. This analyst reckoned that ...
Posted in Uncategorized | 7 Comments »