Archive for October, 2009
Tuesday, October 20th, 2009
A staunch friend of the blog forwarded this to me a few minutes ago. I am not sure of the authorship but suspect it is a dealer:
This morning, JPMorgan Chase announced a $1 billion 30-year bullet Trust Preferred Security (TPS), with JPMorgan as sole bookrunner.
This is ...
Posted in Uncategorized | Comments Off on JPM New Issue
Tuesday, October 20th, 2009
I was speaking earlier with a steadfast friend of the blog and I raised the topic of the record low yields attained last year at the height of the meltdown.
I had forgotten how low they actually got.
On December 16 the 2 year closed at 0.65 percent.
On December 18 the 5 ...
Posted in Uncategorized | 3 Comments »
Tuesday, October 20th, 2009
- 5yr Snr Bank CDS: BAC 112/117 (-3), CITI 185/195 (-5), JPM 57/62 (-3), WFC 91/96 (-4)
- 5yr Snr Broker CDS: GS 100/105 (-5), MS 133/138 (-8)
- CDS Index: IG13 95.5/96.5 (unch)
Posted in Uncategorized | Comments Off on IG 13 and Some CDS
Tuesday, October 20th, 2009
Swap spreads are opening tighter across the yield curve.
Two year spreads are a basis point tighter at 36 1/2. Five year spreads are at 36 1/2 and are also a basis point tighter. Ten year spreads are 2 basis points tighter at 16 1/2. Thirty year spreads are also 2 ...
Posted in Uncategorized | Comments Off on Swaps
Tuesday, October 20th, 2009
One corporate bond trader reports early demand for that product has spreads tighter by 3 basis point to 5 basis points already this morning. The trader cites stock market gains and favorable earnings.
Posted in Uncategorized | Comments Off on Corporate Bonds
Tuesday, October 20th, 2009
Late yesterday Brazil announced it would impose a 2% tax on foreign purchases of Brazilian bond and stock transactions. This is particularly aggressive in that the new tax replaces a 1.5% tax that was scrapped last year during the crisis and only was applicable to fixed income purchases. The new ...
Posted in Uncategorized | Comments Off on Brown Brothers on Brazil and Capital Controls
Tuesday, October 20th, 2009
Prices of Treasury coupon securities have advanced in overnight trading and have produced a truly parallel shift in the yield curve. Each of the benchmark issues shed a basis point in yield.
The overnight session was not one with a single data point to move the market.
The Australian central bank released ...
Posted in Uncategorized | Comments Off on Bond Market Open October 20 2009
Tuesday, October 20th, 2009
Today 0.28313
Yesterday 0.28338
Posted in Uncategorized | Comments Off on Libor
Tuesday, October 20th, 2009
Skirmishes in the tariff war.
And capital controls,too.
This was interesting. It is a New York Times story about an increase in Medicare premiums. It wanders and discusses several other health reform issues. It reads like an episode of the Twilight Zone or maybe one of those stream of consciousness Seinfeld episodes. ...
Posted in Uncategorized | Comments Off on Late Night Links
Monday, October 19th, 2009
Preview: UBS est. housing starts 590k/total PPI -0.5%/core PPI +0.1%
(1) Housing starts rose 1.5%m/m in August, reflecting a surge in the multi-family component (up 25.3%m/m); the single-family component edged down 3.1%m/m. We forecast a reversal of that pattern in September (forecast for total starts UBSe:
-1.3% to 590k, cons: +2.0% ...
Posted in Uncategorized | Comments Off on UBS Preview of Economic Data Scheduled For OCtober 20 2009