IG 13 and Some CDS
Monday, October 26th, 2009- 5yr Snr Bank CDS: BAC 100/105 (-1), CITI 162/172 (-1), JPM 53/58 (-1), WFC 88/93 (unch) - 5yr Snr Broker CDS: GS 87/92 (-1), MS 115/120 (unch) - CDS Index: IG13 98/98.75 (-1)
Archive for October, 2009
- 5yr Snr Bank CDS: BAC 100/105 (-1), CITI 162/172 (-1), JPM 53/58 (-1), WFC 88/93 (unch) - 5yr Snr Broker CDS: GS 87/92 (-1), MS 115/120 (unch) - CDS Index: IG13 98/98.75 (-1)
Bond Market Open October 26 2009
Monday, October 26th, 2009Prices of Treasury coupon securities have posted minimal losses in overnight trading. There was very little economic data released overnight and it is a light data day stateside,too. There are two dominant themes in trading today. The first theme is supply as the Treasury begins a four day period in which ...
Monday and Weekly Preview Via UBS
Monday, October 26th, 2009Monday preview: Dallas Fed manufacturing survey Only the Dallas Fed’s manufacturing survey will be released. The current activity indexes in the NY and Philadelphia Fed manufacturing surveys both indicated continued increase in manufacturing in October, although the NY measure surged, while the Philadelphia measure slipped slightly. The ...
Links Compiled Between Innings of the Yankees/Angels Game
Sunday, October 25th, 2009Too Big Too Fail. For all the hoople investment advisors who push a buy and hold strategy in equities. Read this. It failed. Miserably. Treasury Auctions Impend but WSJ says Buyers in the Wings. Dave Altig of the Atlanta Fed and Macroblog on the jobless recovery. Professor James Hamilton on the "new tools " ...
Bond Market Close October 23 2009
Friday, October 23rd, 2009Prices of Treasury coupon securities opened weak on the back of the Financial Times article about the potential for shifting language in the FOMC policy statement and maintained that weakness. There were some subtle shifts over the course of the day in the construct of the yield curve which shed ...
MBS
Friday, October 23rd, 2009Mortgages are tighter to swaps today. Good buying emerged at the lows earlier whrn the 10 year Treasury traded at 3.48 percent. That brought a dollar price of 100 1/2 on FNMA 4 1/2s and real money buyers joined the fray at that level. Lower coupons from 4 through 5 1/2 ...
Corporate Bonds:En Fuego
Friday, October 23rd, 2009Corporate bonds are on fire once again. There is huge demand for investment grade corporate bonds. There is some sense of tiering as spread compression attracts buyers to yieldier paper. Boeing Capital sold a 5 year yesterday at +95 and a 10 year at + 130. The issues are bid at 90 ...
Swap Spreads
Friday, October 23rd, 2009Swap spreads are exhibiting very little change this morning. Two year spreads are unchanged at 36 1/2. Five year spreads are unchnaged at 36. Ten year spreads are unchanged at 18. Thirty year spreads are a basis point wider at NEGATIVE 7 1/2
CRT on Federal Reserve Policy
Friday, October 23rd, 2009Here is an excellent analysis by David Ader and Ian Lyngen of CRT on the FT article I wrote about as well as their take on Federal Reserve policy. This is an excellent read, I think. Here is the excerpt: "At the core of the FT’s message – which did move ...
From Russia With Love Via Brown Brothers
Friday, October 23rd, 2009We have noted that numerous central banks from developing countries are believed to be intervening in the foreign exchange market. While much of the focus is often on Asia, Russia has been particularly aggressive lately. And this is important not only in its own right but as added pressure on ...