The corporate bond market has a better, if not firm, tone about it and dealers and investors transact pockets of business in a still wounded market. The IG 11 reflects that better tone as it is currently a couple better on the day at 108\/210.The Amex 5 year which I regularly chronicle here is 825\/775. It has at least for now stopped widening.<\/p>\n
The GE 10 year is 465\/440 which is about unchanged from yesterday on a slightly wider quote.<\/p>\n
The Pepsico 10 year is probably about 15 basis points better and the issue reflects some of the improved tone. The issue was priced at a spread of 425 basis points to the 10 year and broke tighter. There was significant trading in the 380 to 360 level on that bond and it is now 345\/335. So buying continues in a safe name at a wide spread.<\/p>\n
One of the salesman with whom I speak also offered as anecdotal evidence of the improved tone via the Abbot 2016s. He had clients looking to trade those bonds a week ago at they traded to a 320 bid. The bond is 280 bid today.<\/p>\n
The Federal Reserve and the Administration are in a race against time to stabilize the system. The objective is to reestablish confidence. I will begrudgingly admit that the first glacial progress has been made in that process and the improved performance of some of the credits I have discussed here is evidence of that improvement.<\/p>\n","protected":false},"excerpt":{"rendered":"
The corporate bond market has a better, if not firm, tone about it and dealers and investors transact pockets of business in a still wounded market. The IG 11 reflects that better tone as it is currently a couple better on the day at 108\/210.The Amex 5 year which I regularly chronicle here is 825\/775. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-1992","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9YXi-w8","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/1992","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1992"}],"version-history":[{"count":0,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=\/wp\/v2\/posts\/1992\/revisions"}],"wp:attachment":[{"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1992"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1992"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/acrossthecurve.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1992"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}