Open Market Operation
Wednesday, October 7th, 2009The Open Market Desk purchased $ 1.3 billion in 2020 through 2026 paper.
Archive for October, 2009
The Open Market Desk purchased $ 1.3 billion in 2020 through 2026 paper.
Treasury Market and FX Market
Wednesday, October 7th, 2009The Treasury market is experiencing a renaissance of sorts this morning and the 10 year Treasury is now closing in on the 3.20 level. The motivation for the rally is, in my opinion, somewhat convoluted. The belief is that the weakness of the dollar will spark intervention by foreign central banks and ...
Corporate Bond Color
Wednesday, October 7th, 2009The market is experiencing a little bit of a pushback this morning. After feeling firm most of the day yesterday, we drifted late afternoon, and that has spilled into this morning. Benchmark banks roughly 5 bps wider than the opening run. Have seen BAC 19 trade down @ +247, old MER 6⅞ 4/18 down ...
Swap Spreads
Wednesday, October 7th, 2009Swap spreads are mixed in early trading. Two year spreads are a basis point narrower at 33 1/2. Five year spreads are unchanged at 37 1/2 and ten year spreads are also unchanged at 17. Thirty year spreads are a basis point tighter at NEGAIVE 10 1/2.
Some Selected Financial Names
Wednesday, October 7th, 200910/07 OPEN 10/06 OPEN BAC 7⅜ 14 225/215 230/220 BAC 5.65 18 240/230 235/225 ...
IG 13 and SOME CDS
Wednesday, October 7th, 20095yr Snr Bank CDS: BAC 113/118 (+1), CITI 205/215 (unch), JPM 65/70 (unch), WFC 81/86 (+1) - 5yr Snr Broker CDS: GS 108/113 (unch), MS 140/145 (unch) - CDS Index: IG13 104.5/105.5 (+2)
Buyback
Wednesday, October 7th, 2009In my initial post of the day I failed to note that the Open Market Desk will intervene in the free market with a buyback of Feb 2020 through Feb 2026 paper.
Bond Market Open October 07 2009
Wednesday, October 7th, 2009Prices of Treasury coupon securities are posting very modest gains in overseas trading. A search of news sources does not shed any light on the price movements as the news is a potpourri of information. Global equity markets continue to surge, though the gains at this hour (530AM in New ...
Bond Market Close October 6 2009
Tuesday, October 6th, 2009Prices of Treasury coupon securities pirouetted about today as a variety of forces buffeted the market. I think that the strongest influence on prices this week is the supply tsunami from Timothy Geithner and his acolytes ( and various subalterns) at the Treasury. So it is all about shooting the taxpayer ...