Archive for September, 2009
Monday, September 14th, 2009
Now playing at Across the Curve global headquarters is a double album by Aretha Franklin entitled "Amazing Grace".
There is a little story here. On my blogroll you will see a link to the Charlottesville (VA) Ballet, of which my daughter Sara is co founder. My wife and I were in ...
Posted in Uncategorized | Comments Off on Musical Interlude
Monday, September 14th, 2009
Corporate bond spreads are unchanged in very quiet trading. One salesman and friend of the blog avers that the market has barely opened today.
Early I listed most of the issuance for the day.
The SFEF French deal price talk is mid swaps + 20. One writer noted that at the current ...
Posted in Uncategorized | Comments Off on Corporate Bonds Today
Monday, September 14th, 2009
There is some reasonable supply hitting the streetin corporate bond land today.
SFEF is a French entity with a French name I can not pronounce. I am not sure what they do either but whatever it is requires alot of money. The concern is selling $ 4.5 billion 5 yearnotes today.
German ...
Posted in Uncategorized | 4 Comments »
Monday, September 14th, 2009
Originators have been active sellers thus far today of 4 1/2s,5s , and 5 1/2s.
That flow has been countered by foreign buyers of the same coupon in GNMA space.
Posted in Uncategorized | Comments Off on A Little More on MBS
Monday, September 14th, 2009
Swap spreads are mixed. Two year spreads are a basis point wider at 33. Five year spreads are flat at 36. Ten year spreads are a basis point wider at 17 1/2. Thirty year spreads are one basis point wider at NEGATIVE 15 1/2.
Mortgages are a plus better to swaps.
One ...
Posted in Uncategorized | Comments Off on SWAPS And VOL And MBS
Monday, September 14th, 2009
There are two buybacks this week.
Tomorrow the Open Market Desk targets the February 2020 through 2026 sector.
Wednesday the Open Market Desk will intervene in the April 2010 through 2011 sector.
Buybacks should be smaller as the Desk is down to the tag ends on this one.
Analysts at CRT note that the ...
Posted in Uncategorized | Comments Off on Treasury Miscellany
Monday, September 14th, 2009
Talk of a trade war between the US and China is exaggerated. The key facts are straight forward. Last week the US Commerce Dept announced as much as 31% duties (average 21.3%) on steel pipe imports from China. It is the largest countervailing duty complaint filed against Chinese made-products. Late ...
Posted in Uncategorized | Comments Off on Brown Brothers on the Tariff Controversy
Monday, September 14th, 2009
Germany Sells $4 Billion of Bonds to Broaden Funding (Update1)
2009-09-14 09:26:40.597 GMT
(Adds analyst’s comment in sixth paragraph.)
By Anchalee Worrachate and Esteban Duarte
Sept. 14 (Bloomberg) -- Germany’s $4 billion bond sale, its
first issue in the currency since 2005, broadens the nation’s
sources of funding at a time when it’s seeking to raise ...
Posted in Uncategorized | 4 Comments »
Monday, September 14th, 2009
- 5yr Snr Bank CDS: BAC 145/155 (+5), CITI 235/245 (+5), JPM 70/75 (+5), WFC 80/85 (+3)
- 5yr Snr Broker CDS: GS 120/130 (+3), MS 160/170 (+3)
- CDS Index: IG12 112/113 (+2)
Posted in Uncategorized | Comments Off on IG 12 and Some CDS
Monday, September 14th, 2009
Today 0.295
Yesterday 0.299
Posted in Uncategorized | Comments Off on Libor