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BondMan

My blog:: The Yield Curve

Bond Market Close: 07 16 09

US Treasury Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
3 Month	0.14	0.15	0.15	0.14	-0.01	-0.01	0
6 Month	0.26	0.25	0.23	0.27	0.01	0.03	-0.01
2 Year	0.97	1.01	0.92	1.17	-0.04	0.05	-0.2
3 Year	1.53	1.57	1.45	1.77	-0.04	0.08	-0.24
5 Year	2.44	2.5	2.32	2.67	-0.06	0.12	-0.23
10 Year	3.57	3.6	3.41	3.65	-0.03	0.16	-0.08
30 Year	4.45	4.49	4.3	4.47	-0.04	0.15	-0.02

Municipal Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	0.87	0.82	1.05	1.26	0.05	-0.18	-0.39
2yr AAA	0.83	0.72	0.95	1.18	0.11	-0.12	-0.35
2yr A	2.03	2.06	2.11	2.08	-0.03	-0.08	-0.05
5yr AAA	1.74	1.72	1.93	2.32	0.02	-0.19	-0.58
5yr AA	1.93	1.9	2.04	2.42	0.03	-0.11	-0.49
5yr A	2.43	2.59	2.29	2.89	-0.16	0.14	-0.46
10yr AAA	3.45	3.24	3.38	3.62	0.21	0.07	-0.17
10yr AA	3.31	3.19	3.38	3.61	0.12	-0.07	-0.3
10yr A	3.93	3.97	4.04	4.47	-0.04	-0.11	-0.54
20yr AAA	4.87	5.04	4.62	4.85	-0.17	0.25	0.02
20yr AA	5.02	5.09	5.12	5.25	-0.07	-0.1	-0.23
20yr A	4.76	4.99	4.93	5.13	-0.23	-0.17	-0.37

Corporate Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	2.27	2.28	2.07	2.5	-0.01	0.2	-0.23
2yr A	2.76	3.13	3.26	3.25	-0.37	-0.5	-0.49
5yr AAA	2.86	3	2.79	3.09	-0.14	0.07	-0.23
5yr AA	3.98	4.19	3.97	4.1	-0.21	0.01	-0.12
5yr A	4.28	4.64	4.61	4.84	-0.36	-0.33	-0.56
10yr AAA	4.39	4.51	4.26	4.44	-0.12	0.13	-0.05
10yr AA	5.1	5.05	4.99	5.06	0.05	0.11	0.04
10yr A	5.91	6.25	6.37	6.12	-0.34	-0.46	-0.21
20yr AAA	6.2	6.15	6.07	5.89	0.05	0.13	0.31
20yr AA	5.69	5.64	5.55	5.38	0.05	0.14	0.31
20yr A	6.38	6.33	6.24	6.07	0.05	0.14	0.31

Treasuries posted solid gains across the curve after the selloff yesterday. Tomorrow we get housing starts as well as C, GE, and BofA earnings to contend with. A rallying equity market as well as tighter swap spreads also caused a mini rally among high grade corporates today, except for CIT. A few issues are trading in the single digits.

Will the Yield Curve continue to get steeper? Below is a one year chart of the 2yr/10yr Treasury spread. If the stock market can continue its rally I think the yield curve will continue to get steeper.

Tags: CIT, TBT, TLT, Treasuries, Municipals, Corporates, ARMs, Mortgages

Jul 16 07:45 pm | Link | Comment!

Bond Market Close: 0715 09

US Treasury Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
3 Month	0.15	0.15	0.15	0.13	0	0	0.02
6 Month	0.25	0.25	0.24	0.25	0	0.01	0
2 Year	1.01	0.94	0.91	1.22	0.07	0.1	-0.21
3 Year	1.57	1.47	1.41	1.83	0.1	0.16	-0.26
5 Year	2.5	2.35	2.22	2.72	0.15	0.28	-0.22
10 Year	3.6	3.47	3.3	3.71	0.13	0.3	-0.11
30 Year	4.49	4.37	4.19	4.56	0.12	0.3	-0.07

Municipal Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	0.82	0.78	1.09	1.24	0.04	-0.27	-0.42
2yr AAA	0.72	0.65	0.97	1.28	0.07	-0.25	-0.56
2yr A	2.06	2.12	1.93	2.13	-0.06	0.13	-0.07
5yr AAA	1.72	1.73	2.01	2.27	-0.01	-0.29	-0.55
5yr AA	1.9	1.94	2.12	2.4	-0.04	-0.22	-0.5
5yr A	2.59	2.6	2.35	2.85	-0.01	0.24	-0.26
10yr AAA	3.24	3.23	3.41	3.66	0.01	-0.17	-0.42
10yr AA	3.19	3.2	3.38	3.69	-0.01	-0.19	-0.5
10yr A	3.97	4.04	3.87	4.35	-0.07	0.1	-0.38
20yr AAA	5.04	5.03	5.03	5.05	0.01	0.01	-0.01
20yr AA	5.09	5.22	5.29	5.08	-0.13	-0.2	0.01
20yr A	4.99	4.92	4.85	4.91	0.07	0.14	0.08

Corporate Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	2.28	2.15	2.08	2.34	0.13	0.2	-0.06
2yr A	3.13	3.08	3.25	3.38	0.05	-0.12	-0.25
5yr AAA	3	2.8	2.7	3.15	0.2	0.3	-0.15
5yr AA	4.19	3.98	3.8	3.95	0.21	0.39	0.24
5yr A	4.64	4.62	4.51	4.73	0.02	0.13	-0.09
10yr AAA	4.51	4.35	4.16	4.68	0.16	0.35	-0.17
10yr AA	5.05	5.07	4.89	5.07	-0.02	0.16	-0.02
10yr A	6.25	6.35	6.24	5.92	-0.1	0.01	0.33
20yr AAA	6.15	6.1	5.97	6.05	0.05	0.18	0.1
20yr AA	5.64	5.59	5.45	5.53	0.05	0.19	0.11
20yr A	6.33	6.28	6.14	6.22	0.05	0.19	0.11

-Riskiers assets were in vogue today and caused the treasury market to sell off today. The 2yr/10 yr spread increased to 259 bps. The 5 yr plummetted 15 bps, 10 yr increased 13 bps, and the 30 yr soared 12 bps. Investment grade corporate spreads were tighter on the day and the VIX fell to its YTD low.

-Apparently negotions between CIT and the government have broken down. The Credit Trading Blog makes an interesting point:

Tags: TBT, TLT, Treasuries, Corporates, Municipals, Bonds, Yield Curve, Rates

Jul 15 10:53 pm | Link | Comment!

Municipal Closed End Funds

State	# of Funds	Average Disc/Prem
MI	7	-14.04%
FL	6	-11.79%
PA	10	-10.73%
GA	3	-9.07%
CA	39	-8.35%
CO	1	-8.28%
OH	7	-6.72%
NY	31	-6.70%
N	1	-6.57%
AZ	6	-5.88%
NJ	15	-4.08%
NC	4	-2.76%
CT	4	-2.19%
MN	3	-1.75%
MA	7	-0.52%
MD	5	0.26%
TX	1	3.46%
MO	1	8.64%
VA	2	12.21%

Below is a list of California specific California Municipal Closed End Funds (CEF’s) compiled from ETF Connect.

Tags: IIC, MCA, NCU, NPC, AKP, IQC, NVX, NKL, NCP, MYC, BZA, CEV, MUC, NAC, NQC, BCL, NCO, BCK, NCL, NBW, ICS, NVC, NZH, RAA, NCX, NKX, NCA, BFZ, EVM, CCA, EIA, NNB, PCQ, VCV, NPV, PZC, BJZ, PCK, Municipal Bonds, Closed End Funds

Jul 14 09:17 pm | Link | Comment!

Bond Market Close: 07 14 09

US Treasury Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
3 Month	0.15	0.15	0.16	0.14	0	-0.01	0.01
6 Month	0.25	0.24	0.26	0.27	0.01	-0.01	-0.02
2 Year	0.94	0.9	0.96	1.27	0.04	-0.02	-0.33
3 Year	1.47	1.4	1.44	1.89	0.07	0.03	-0.42
5 Year	2.35	2.25	2.35	2.78	0.1	0	-0.43
10 Year	3.47	3.35	3.45	3.79	0.12	0.02	-0.32
30 Year	4.37	4.23	4.31	4.64	0.14	0.06	-0.27

Municipal Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	0.78	1	1.03	1.31	-0.22	-0.25	-0.53
2yr AAA	0.65	0.84	0.82	1.42	-0.19	-0.17	-0.77
2yr A	2.12	2.23	2.03	2.16	-0.11	0.09	-0.04
5yr AAA	1.73	1.78	2.03	2.36	-0.05	-0.3	-0.63
5yr AA	1.94	1.93	2.13	2.44	0.01	-0.19	-0.5
5yr A	2.6	2.47	2.36	2.75	0.13	0.24	-0.15
10yr AAA	3.23	3.38	3.23	3.7	-0.15	0	-0.47
10yr AA	3.2	3.3	3.37	3.65	-0.1	-0.17	-0.45
10yr A	4.04	3.78	4	4.24	0.26	0.04	-0.2
20yr AAA	5.03	5.12	4.62	4.87	-0.09	0.41	0.16
20yr AA	5.22	5.26	4.74	5.47	-0.04	0.48	-0.25
20yr A	4.92	4.61	4.88	5.02	0.31	0.04	-0.1

Corporate Bonds
Maturity	Yield	Yesterday	Last Week	Last Month	Daily Change	Week Change	Month Change
2yr AA	2.15	1.91	2.16	2.33	0.24	-0.01	-0.18
2yr A	3.08	3.01	3.14	3.35	0.07	-0.06	-0.27
5yr AAA	2.8	2.74	2.8	3.23	0.06	0	-0.43
5yr AA	3.98	3.88	3.95	3.93	0.1	0.03	0.05
5yr A	4.62	4.57	4.64	4.68	0.05	-0.02	-0.06
10yr AAA	4.35	4.24	4.3	4.76	0.11	0.05	-0.41
10yr AA	5.07	4.97	5.05	5.26	0.1	0.02	-0.19
10yr A	6.35	6.21	6.32	5.79	0.14	0.03	0.56
20yr AAA	6.1	6.12	6.06	6.06	-0.02	0.04	0.04
20yr AA	5.59	5.61	5.55	5.55	-0.02	0.04	0.04
20yr A	6.28	6.3	6.23	6.24	-0.02	0.05	0.04

Symbol	Last	Change
Dow	8,359.49	27.81 (0.33%)
Nasdaq	1,799.73	6.52 (0.36%)
S&P 500	905.84	4.79 (0.53%)

Tags: Treasuries, Corporates, Municipals

Jul 14 08:22 pm | Link | Comment!

CIT Group, Inc. (CIT)

Ok so CIT group is up 26% after hours. Did you expect anything different? According to WhatsTrading.com CIT was an option volume leader today 72% of which were calls. Someone bought 60,000 August $2.00 calls this afternoon, why? You already know the answer but I will give it to you anyway:
More »
Tags: CIT, Distressed Debt

Jul 13 11:19 pm | Link | 1 Comment

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Bond Market Close: 07 16 09

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Municipal Closed End Funds

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