Bond Market :Corporate Bonds

March 18th, 2009 3:37 pm | by John Jansen |

The IG 11 is 228/230. That is about 9 basis points tighter than where it was at the open this morning.

Secondary market bonds are unchanged to a tad wider. That is purely a function of directionality. When the market is racing the Treasury markets moves more quickly.

The Fed is moving quickly and aggressively to flood the system with money. Once again they are telling us that the funds rate will remain at zero for a very long time. This can only benefit spread product.

I expect that bank and finance paper will open 10 basis points to 15 basis points tighter tomorrow when participants have digested the news.

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