Archive for November, 2009
Monday, November 16th, 2009
Mortgages are opening around 3 ticks wider vs. treasuries on
relatively light flow. We did see some overseas selling last
night and are seeing further pressure in 4½'s this morning
with the fly trading @ -1 earlier this AM. We haven't seen any
origination so far and early color is that weekend production
was in ...
Posted in Uncategorized | Comments Off on MBS: Weaker to Treasuries but Still Steamy
Monday, November 16th, 2009
The Empire Survey of manufacturing in the New York region posted a larger than expected decline of about 11 points following outsized gains in the prior month.
I thought the interesting part of this report was the in the supplemental question which the Fed submitted to respondents.
The Fed asked questions regarding ...
Posted in Uncategorized | 3 Comments »
Monday, November 16th, 2009
Headline retail sales grew 1.4% in October,
a bit stronger than expected. Year-over-year, sales remain in the red,
down 1.7%. Excluding
autos, sales rose a meager 0.2%, down 2.4% year-over-year.
The details of the report were mixed.
Motor vehicles and parts sales rose 7.4% in October, a nice rebound after the
14.3% drop-off in September ...
Posted in Uncategorized | 1 Comment »
Monday, November 16th, 2009
AmerisourceBergen to Sell $400 Million of Debt as Soon as Today
2009-11-16 13:56:03.857 GMT
By Nikolaj Gammeltoft
Nov. 16 (Bloomberg) -- AmerisourceBergen Corp., a
distributor of pharmaceuticals, plans to sell $400 million of 10-
year senior notes as soon as today, according to a person
familiar with the transaction.
Bank of America Merrill Lynch and JPMorgan Chase ...
Posted in Uncategorized | Comments Off on Corporate Issuance Begins
Monday, November 16th, 2009
There is a rather dramatic flattening of the yield curve this morning.
The 2 year note has hit a brick wall at about the 0.80 percent level. So investors are seeking gratification and income in longer maturities.
Here are some of the reasons that participants have offered for the yield grab.
many investors ...
Posted in Uncategorized | Comments Off on Curve Flattening Thoughts
Monday, November 16th, 2009
- 5yr Snr Bank CDS: BAC 114/119 (-2), CITI 190/200 (-3), JPM 53/58 (-2), WFC 90/95 (-3)
- 5yr Snr Broker CDS: GS 97/102 (-3), MS 128/133 (-3)
- CDS Index: IG13 97.5/98.25 (-2)
Posted in Uncategorized | Comments Off on IG 13 and Some CDS
Monday, November 16th, 2009
Ed Baldinger works at Bloomberg and composes a couple of informative pieces each day on the corporate bond market.
In his morning piece today he suggests several potential issuers on the horizon:
"Potential issuers include;
Kellogg Co A3/BBB+ To tender for outstanding issues
Emirates Bank Intl - investor talks Barc/HSBC/UBS
Albert-Culver Baa2/BBB- Filed Debt Shelf ...
Posted in Uncategorized | Comments Off on Potential Corporate Issuance
Monday, November 16th, 2009
Today 0.27125
Yesterday 0.27250
Posted in Uncategorized | Comments Off on Libor
Monday, November 16th, 2009
Most sovereign bonds are continuing to gain ground after last week’s gains. In Asia, however, the 10-year JGB is steady after having posted its first weekly gain in over a month last week and despite another JPY2.7 bln of expected stimulus. Yet concerns about the fiscal situation in Japan appear ...
Posted in Uncategorized | 1 Comment »
Monday, November 16th, 2009
Prices of Treasury coupon securities have posted mixed (and seemingly random ) results in overseas trading. I am not sure which particular factors influenced trading but there is more data and information to absorb this morning, today and this week than in any similar period recently.
The yield on the 2 ...
Posted in Uncategorized | Comments Off on Bond Market Open November 16 2009