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The Conscience of a Liberal (Free subscription) | 10/10/2008
October 10, 2008, 10:56 am John Jansen has moreMaybe it isn’t the end of a — instead, he , rising interest rates on long-term Treasuries may beAnd this is meant to be reassuring! Add your comments...Name Required E-mail Required (will not be published) Comment Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our...
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Seeking Alpha (Free subscription) | 10/14/2008
John Jansen submits: The IG 11 is last quoted 176 /177 ½. That is off the best levels of the day which were right out of the chutes this morning when the index traded around 172. The mid market close of IG 11 on Friday was around 219 so even though we have retreated somewhat the sector is retaining significant gains.The IBM 10 year note which I have taken to chronicling here which priced...
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Infectious Greed (Free subscription) | 10/14/2008
Provocative post by John Jansen on regulating the markets via tying trader performance more closely to longer-term performance. It's an idea I've been pushing too, but John has articulated it better: In the current framework a trader’s focus is only on the fiscal year in which his bonus is determined. As each new year begins, individual traders cash their bonus checks and start...
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Seeking Alpha (Free subscription) | 10/13/2008
John Jansen submits: The intervention by the Treasury and the Federal Reserve at the time of the collapse of Bear Stearns shall henceforth be celebrated by economic historians as a punctuation point in American financial history. I believe that historians will mark it as a watershed event which began the dismantling of the unregulated free market philosophy which has been the hallmark...
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Seeking Alpha (Free subscription) | 10/13/2008
John Jansen submits: Libor set this morning (three month) at 4.75 percent. On Friday it had set at 4.82 percent. Central banks in another coordinated effort have agreed to provide unlimited amounts of dollars (against the appropriate collateral) to the markets. This is via the Swiss National Bank, the Bank of England and the ECB. (Thank you to reader Milton Arbogast who mentioned that...
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Seeking Alpha (Free subscription) | 10/13/2008
John Jansen submits: Libor set this morning (three month) at 4.75 percent. On Friday it had set at 4.82 percent. Central banks in another coordinated effort have agreed to provide unlimited amounts of dollars (against the appropriate collateral) to the markets. This is via the Swiss National Bank, the Bank of England and the ECB. (Thank you to reader Milton Arbogast who mentioned that...
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Seeking Alpha (Free subscription) | 10/10/2008
Felix Salmon submits: John Jansen is scaring me today. Remember the new CDX investment-grade index, IG 11, which just launched? They took the crap out of IG 10 (Fannie Mae, Freddie Mac, WaMu), and put in solid corporates like Xerox XRX) and UPS (UPS). And yesterday IG 11 opened at 176.5bp : Obviously no one wants any kind of credit right now, but those spreads you can live with, if you're...
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Market Movers (Free subscription) | 10/10/2008
John Jansen is scaring me today. Remember the new CDX investment-grade index, IG 11, which just launched? They took the crap out of IG 10 (Fannie Mae, Freddie Mac, WaMu), and put in solid corporates like Xerox and UPS. And yesterday IG 11 opened at 176.5bp : obviously no one wants any kind of credit right now, but those spreads you can live with, if you're not too levered. This morning,...
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Seeking Alpha (Free subscription) | 10/10/2008
John Jansen submits: Prices of Treasury securities are registering mixed changes in overnight trading. “Mixed changes” in this environment is somewhat puzzling and even a bit troublesome. The U.S. market has always represented the ultimate safe haven venue, yet this morning according to my screen at about 700AM New York time, the yield on the 2 year note was actually several basis points...
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Seeking Alpha (Free subscription) | 10/10/2008
John Jansen submits: Prices of Treasury securities are registering mixed changes in overnight trading. “Mixed changes” in this environment is somewhat puzzling and even a bit troublesome. The U.S. market has always represented the ultimate safe haven venue, yet this morning according to my screen at about 700AM New York time, the yield on the 2 year note was actually several basis points...
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The Conscience of a Liberal (Free subscription) | 10/10/2008
I’ve lately become a reader of Across the Curve, the blog of the bond trader John Jansen. It’s jargon-heavy — sometimes even I have to look up the terms he uses — but in a time of disordered markets (does anyone actually manage to borrow at Libor these days) it’s really helpful to have reports [...]
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Seeking Alpha (Free subscription) | 10/09/2008
John Jansen submits: The events in the long end of the Treasury market and the swap market have been both dramatic and interesting the last day or so. The dramatic event is the flattening of the 10 year/30 curve in the swap market and its unintended consequences in the Treasury market. The flattening in the swaps curve resulted in European swaps desks receiving in the swaps market to...
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Seeking Alpha (Free subscription) | 10/09/2008
John Jansen submits: Prices of Treasury coupon securities gyrated about today and moved sharply lower as Hank Paulson and his minions flooded the belly of the Treasury curve with securities. (I wrote about this earlier today .) The Treasury chose to announce the reopening of four issues and to sell the first of those issues within one hour of the announcement. The street was unable to...
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Seeking Alpha (Free subscription) | 10/08/2008
John Jansen submits: The Treasury startled the markets with an announcement of new supply in the so called belly of the Treasury curve. The specter of supply which had been widely discussed just became cold hard reality.The Treasury is reopening four issues which had been previously issued as 10 year notes and which have since rolled down the curve. (If there is a potential blogger in...
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Seeking Alpha (Free subscription) | 10/08/2008
John Jansen submits: The Treasury startled the markets with an announcement of new supply in the so called belly of the Treasury curve. The specter of supply which had been widely discussed just became cold hard reality.The Treasury is reopening four issues which had been previously issued as 10 year notes and which have since rolled down the curve. (If there is a potential blogger in...
