Archive for November, 2009

More Mortgage Color

Wednesday, November 18th, 2009

Mortgages opened up 2 ticks wider to the swaps curve (all of the weakness was from 3 to 5pm yesterday on heavy late supply) and have since snapped back and are currently unchanged in very volatile trading. Flows have been moderate and two way with supply approaching 1.5BB, the FED ...

Housing Starts.

Wednesday, November 18th, 2009

Housing starts plunged today back to levels last seen in April. The declines were in all regions and in multi family and single family sectors.Analysts are blaming the expiration of the first time buyer credit and the uncertainty which that engendered. Calculated Risk has an excellent analysis and focuses on ...

Bullard

Wednesday, November 18th, 2009

Saint Louis Fed President ullard spoke and one headline writer interpreted his comments to mean that the FOMC would not raise rates until 2012.Here is an alternate version from Chris Low at FTN:Market News says St Louis Fed President Bullard did not say the Fed won’t ...

IG 13 and Some CDS ( A little late)

Wednesday, November 18th, 2009

- 5yr Snr Bank CDS: BAC 116/121 (-4), CITI 182/192 (-9), JPM 52/57 (-2), WFC 90/95 (-3) - 5yr Snr Broker CDS: GS 99/103 (-2), MS 129/134 (-4) - CDS Index: IG13 99/99.5 (unch)

Mortgage Color

Wednesday, November 18th, 2009

I think that the color I have been getting from traders and sales folk on the mortgage market last several days is excellent. Here is another piece of pithy analysis: Mortgages are continuing their pull back from extremely tight levels. Call them another couple basis points wider vs the swaps curve, with ...

Corporate Tsunami

Wednesday, November 18th, 2009

Graham Packaging Reports Offering $250 Mln Sr. Unsecured Notes Cascades Plans Proposed Private Offering of US $300 Mln Sr Notes Republic Services Plans to Issue $450 Million of 12-Year Bonds Commonwealth Bank of Australia to Sell Debt in Benchmark Offer *BARCLAYS PLANS TO SELL 3-YR DEBT IN BENCHMARK OFFERING :BARC LN *JOHNSONDIVERSEY MAY PAY ABOUT ...

Administrative Note

Wednesday, November 18th, 2009

I have noted here recently that I had some medical issues and that has kept me away from my work station at Across the Curve Global Headquarters more than usual. Without launching into a lachrymose Oprah Winfrey style carnival I can happily report that the doctor gave me a clean bill ...

Libor

Wednesday, November 18th, 2009

Today 0.26906 Yesterday  0.27031

An Opening Note From An Anonymous Trader

Wednesday, November 18th, 2009

CHINA RESISTS CALLS FOR A STRONGER YUAN AND THE FORWARD EXCHANGE MARKET WEAKENS A TOUCH. HONG KONG MONETARY AUTHORITY WAS IN OVER NIGHT BUYING ABOUT $600MM DOLLARS. THE BANK OF RUSSIA ANNOUNCED THAT IT HAD PURCHASED $18 BLN IN OCTOBER AND $6 BLN SO FAR THIS MONTH BUT THAT IT ...

An Interesting Tidbit (At Least to Me ) on Danish Krone and Danish MBS Market Via Brown Brothers

Wednesday, November 18th, 2009

The Danish krone may see some inflows in coming days as Denmark today begins the auction of $115 billion worth of mortgage debt. It is expected that foreign buyers may make up as much as 15% of the purchases of 1-5 year debt, according to Bloomberg News. Denmark’s mortgage bond ...