SWAPS
Wednesday, October 14th, 2009Swap spreads are unchanged. Two year spreads are at 37 1/2. Five year spreads are 36 1/2. Ten year spreads are 16 1/2. Thirty year spreads are NEGATIVE 10.
Archive for October, 2009
Swap spreads are unchanged. Two year spreads are at 37 1/2. Five year spreads are 36 1/2. Ten year spreads are 16 1/2. Thirty year spreads are NEGATIVE 10.
IG 13 and Some CDS
Wednesday, October 14th, 20095yr Snr Bank CDS: BAC 112/117 (-6), CITI 210/220 (-5), JPM 60/65 (-5), WFC 85/90 (-5) - 5yr Snr Broker CDS: GS 108/113 (-4), MS 143/148 (-6) - CDS Index: IG13 97/97.75 (-0.75)
Bond Market Open October 14 2009
Wednesday, October 14th, 2009Prices of Treasury coupon securities are tumbling in overnight trading in response to the giddiness in the equity markets. Stock futures are predicting very robust gains at the start of trading in the US. Stock jockeys are always bullish. There is something in the water or in the genes, I guess. ...
Saudi Plan
Tuesday, October 13th, 2009Parts of this NYTimes article read as if it was from the Onion. I am not blaming the Times because the Saudi's have a strange position. The Saudi's want to negotiate with the oil consuming industrial nations some sort of mechanism by which the Saudi's will get paid if oilrevenues slump ...
More on Monetization of the Debt
Tuesday, October 13th, 2009I linked yesterday to a post at the excellent Accrued Interest blog regarding QE and monetization of the debt. It prompted an interesting discussion at that site. One commenter in particular noted that the Fed's balance sheet it actually smaller today (actually last Wednesday) than it was on December 31 2008, ...
Preview of Economic Releases October 14 2009 Via UBS
Tuesday, October 13th, 2009"Core” retail sales likely strong in Sep, but consumer confidence faltering in Oct. Preview: Retail sales estimated -3.0% m/m but +0.4% ex autos & gas (1) Retail sales probably fell in September (UBSe -3.0%, cons -2.1%, after +2.7%) after rising sharply in August. The pattern largely reflects auto ...
Venezuela Issuance in Dollars
Tuesday, October 13th, 2009PDVSA to Sell $3 Billion of Bonds, Del Pino Says (Update1) 2009-10-13 18:43:36.875 GMT (Adds comment in second paragraph.) By Steven Bodzin and Andrea Jaramillo Oct. 13 (Bloomberg) -- Petroleos de Venezuela SA, the state oil company, will sell “on the order of $3 billion” in bonds in the second half of October, Deputy Energy Minister ...
Bond Market: October 13 2009
Tuesday, October 13th, 2009Prices of Treasury coupon securities have posted solid gains today as a variety of forces converge todrive bond prices higher (and with the inverse relationship between yield and price intact, yields lower). Someone emailed me a story this morning that the HKMA had intervened to stem the rise of its own ...
Musical Interlude
Tuesday, October 13th, 2009I have not posted one in a while. Now playing at Across the Curve Global headquarters the last studio album of Jimi Hendrix, Electric Ladyland. It contains great works of rock art such as Crosstown Traffic and Voodo Child. There is also the best cover extant of Dylan's All Along the Watchtower.