Archive for November, 2009
Wednesday, November 18th, 2009
Prices of Treasury coupon securities have sagged in overnight trading. As far as I can tell there was no piece of news or data which moved the market lower.
Equity markets in Asia declined modestly while European markets are posting modest gains. The last time I looked it appeared the US ...
Posted in Uncategorized | Comments Off on Bond Market Opening November 18 2009
Tuesday, November 17th, 2009
Moody’s said that France’s plans for debt-funded public spending does not pose a threat to its Aaa rating. The agency believes that the plans amount to around EUR 35 bln, which it said would only marginally weaken France’s position in the Aaa category over the shot-term. The euro was already ...
Posted in Uncategorized | 2 Comments »
Tuesday, November 17th, 2009
Preview: Housing starts down slightly? Total CPI 0.3%, core CPI 0.1%?
(1) We forecast a small decline in housing starts in October (UBS: -2.5%m/m to 575k, cons: +1.7%m/m to 600k) unwinding the modest rise in September (+0.5% to 590k). That was the message from the housing market index (HMI)—an indicator ...
Posted in Uncategorized | Comments Off on Preview of Upcoming Economic Data Via Ubs
Tuesday, November 17th, 2009
******* Mortgage Update...... -mortgages finally ran into a wall yesterday afternoon and continued to trade poorly throughout this morning. Over the past 24hrs we've seen current coupons give back 8-10/32 vs treasury ...
Posted in Uncategorized | Comments Off on Last Bit of MBS Color
Tuesday, November 17th, 2009
I will be out for the remainder of the day.
In the Treasury market there is a flight to the long end as the liquidity driven rally impels investors to venture (perilously) out the curve.
Many have read the Bernanke speech and concluded that the extended period will indeed be extended. One ...
Posted in Uncategorized | 1 Comment »
Tuesday, November 17th, 2009
The Eurodollar futures curve started the day showing higher yeilds and a slightly steeper curve, it has since been trying to bear flatten, probably due to people preparing for next week's supply. We've seen people selling the 2 year bundle to buy the Blues, the Golds, and the back end. ...
Posted in Uncategorized | Comments Off on Euro Dollar Color
Tuesday, November 17th, 2009
I have been receiving some excellent MBS color today.
Here is another report from another trader:
Flows have been heavy and two way out of the gate this morning. Selling (mostly 4.5s and 5s) has come from originators (already 1.5BB total), Asia, hedge funds, and money managers. Buyers are the FED and ...
Posted in Uncategorized | 2 Comments »
Tuesday, November 17th, 2009
I personally would not buy a bond from an issuer whose names begins with a Q and who does not follow the Q with a U.
I am in a minority because said issuer is flooding the market today.
To wit:
*QATAR MAY SELL $1 BLN 30-YR BOND TO YIELD SPREAD OF 215 ...
Posted in Uncategorized | 7 Comments »
Tuesday, November 17th, 2009
Boeing is bring a 3 year and a 7 year. Price talk is 85 and 100, respectively.
I have not seen size anywhere.
Posted in Uncategorized | 1 Comment »
Tuesday, November 17th, 2009
I have received several email reports that mortgages have pared their losses. They were as much as eight ticks wider and are now back to just 2 ticks to 3 ticks wider to swaps.
One dealer noted that the selling which began late yesterday had abated and there has been some ...
Posted in Uncategorized | Comments Off on More MBS