Archive for November, 2009

New Corporate Deal

Monday, November 9th, 2009

Ca Inc. to Sell $750 Million of 10-Year Notes as Soon as Today 2009-11-09 14:36:43.48 GMT By Gabrielle Coppola Nov. 9 (Bloomberg) -- CA Inc. plans to sell $750 million of 10-year notes as soon as today, according to a person familiar with the offering who declined to be identified because terms aren’t set.

Excess Reserves: A New York Fed View

Monday, November 9th, 2009

The Alea blog posted this first and I wish to thank him for bringing it to my attention. This another excellent exegesis on the topic of excess reserves and offers some insight on the importance of the central bank's (new) ability to pay interest on reserve balances. Once again , my thanks ...

MBS

Monday, November 9th, 2009

MBS opening a basis point wider to swaps.

Rosenberg and the Number 13

Monday, November 9th, 2009

Nov. 9 (Bloomberg) -- The U.S. unemployment rate may rise to a post-World War II high of 13 percent in the aftermath of the recession, said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto. “This is going to be the mother of all jobless ...

Swaps

Monday, November 9th, 2009

Swap spreads are violently unchanged. Two year spreads are at 34 1/2. Five year spreads are at 36 1/2. Ten year spreads are at 16 1/2 and thirty year spreads are NEGATIVE 11.

Center of the Universe Blog

Monday, November 9th, 2009

I posted a story by well respected  Market News International Federal Reserve watcher Steven Beckner which dealt with the topic of reverse repos and the primary dealers. The aforementioned blog has a posting of an analysis of the need (or lack thereof ) for reverse repos and the post follows with ...

Brown Brothers on Currency Market

Monday, November 9th, 2009

The US dollar is weaker against most major currencies after the G20 voiced little concern about the FX market.  That gave a green light to sell the US dollar and take on risk.  The euro is trading around $1.50 and near its highest level this year on this anniversary of ...

An Anonymous Dealer on the Dollar and the Bond Market

Monday, November 9th, 2009

G-20 SAYS IT'S TOO EARLY TO EXIT. DOES NOT MENTION DOLLAR WEAKNESS. EURO RALLIES ABOVE 1.50. HONG KONG MONETARY AUTHORITY, BANK OF KOREA AND THE RUSSIAN CENTRAL BANK WERE ALL SPOTTED BUYING DOLLARS. JUST OVER $2 BLN. NO WORD ON THE SWISS NATIONAL BANK. BOTH HKMA & RUSSIA BOUGHT ABOUT ...

Bond Market Open November 09 2009

Monday, November 9th, 2009

Prices of Treasury coupon securities are posting small (very small) mixed changes in overnight trading. benchmark securities are either unchanged or a tad lower in price ( and with the inverse relationship between price and yield constant,yields are a tad higher, unless somehow Goldman Sachs can change that mathematical relationship). The ...

RBS on TIPS: Dealers Short Ten Year Sector

Monday, November 9th, 2009

TIPS Strong TIPS demand is unabated. TIPS breakevens continue to widen in the long end. 10y BEI has widened nearly 40bp over the past month, with a sizeable jump after this week's FOMC meeting. The 10y BEI was at 1.94% the Friday before the Lehman bankruptcy September 15, 2008. Over the ...