Administrative Note
Wednesday, November 11th, 2009I have some medical issues which will keep me from blogging on Thursday November 12. I hope to return on Friday.
Archive for November, 2009
I have some medical issues which will keep me from blogging on Thursday November 12. I hope to return on Friday.
Administrative Note
Tuesday, November 10th, 2009I have a medical doctor appointment and it is unlikely that I will do any more blogging today. JJJ
EuroDollar Color
Tuesday, November 10th, 2009A real snoozer again in the Eurodollar market. People must be taking the early part of this week off due to the lack of data and the holiday tomorrow (the floor is closed). You're seeing some spreads in the futures curve correct finally. Red pack - Green pack spread is ...
More MBS Color
Tuesday, November 10th, 2009Update Wow. Mortgages are another few bps tighter today at par, and even better higher in the stack. They tightened 10 bps in the week leading up to allocation, so they've recaptured the roll drop/carry and then some. We have not had strong demand during this period, but supply has been minimal. We've had a ...
MBS Color
Tuesday, November 10th, 2009We are ~ 2-3/32 tighter from 5pm and another 2/32 from 3pm which puts us 4/32 tighter from yesterdays close and 8/32 tighter from last week. Yesterdays flows were driven by hedge fund stop lossesloss and street short covering into negative supply. Fed was an aggressive buyer yesterday of everything ...
Another New Issue
Tuesday, November 10th, 2009Issuer: Emerson Electric Ratings: A2/ A (S/S) Security Type: SEC Registered Size: $500 Maturity: 11yr/ 30yr Structure: 101% COC Use of Proceeds: Gen'l Corp, Acquisitions including ...
IG 13 and Some CDS
Tuesday, November 10th, 2009- 5yr Snr Bank CDS: BAC 115/120 (unch), CITI 192/202 (-1), JPM 59/64 (+1), WFC 101/106 (unch) - 5yr Snr Broker CDS: GS 104/109 (unch), MS 127/132 (unch) - CDS Index: IG13 99/99.75 (+0.75)
New Corporates
Tuesday, November 10th, 2009Issuer: General Electric Capital Corp (Ticker: GE) Ratings: Aa2/AA+ (S/S) Security Type: SEC Registered (Global MTN shelf) Size: $Benchmark Maturity: 5yr (11/14/14) Use of Proceeds: GCP Denoms: ...
Brown Brothers on UK and Fitch
Tuesday, November 10th, 2009Fitch warned of possible risks to the UK and Japanese ratings and noted that AAA sovereigns such as the US had limited scope for additional stimulus packages. The UK pound was the hardest hit, falling well over a big figure after the rating agency said the UK was in the ...