Accrued Interest

We used to have fun commenting about the bond market, including Treasuries, Mortgages, Municipals, and Corporates. But that was before the dark times. Before deleveraging. Contact the Author: accruedint at gmail.com

Friday, February 29, 2008

Auction Rate Securities: Hibernation sickness

Has all the good news on bond insurers improved the auction rate municipal bond market ? Taking another look at the results of J.P. Morgan...

Thursday, February 28, 2008

What does a AAA mean anyway?

S&P has affirmed MBIA's insurance sub's rating at AAA, and has removed it from negative watch. MBIA does remain on negative outl...

Wednesday, February 27, 2008

S&P on the monolines: No problem. Why?

S&P and Moody's have now both affirmed MBIA. S&P also more or less said they would affirm Ambac as well if the reported $3 billi...

Saturday, February 23, 2008

Monolines: Now witness the destructive power!

New CEO Jay Brown at MBIA is considering a good bank/bad bank split . We talked about this idea a bit with Ambac on Wednesday . Now let'...

Wednesday, February 20, 2008

Ambac: Breaking up is hard to do (but still your best choice)

Let's pretend you are the CEO of Ambac. I know, not an enviable job right now. Let's say for the sake of argument, that you really b...

Tuesday, February 19, 2008

Clear your mind of questions

Its time to play ask the internet, because I honestly don't know the answer to this. With FGIC looking to break in two , and Ambac proba...

Monday, February 18, 2008

J.P. Morgan's ARS Book: A lack of vision

Results of J.P. Morgan's ARS auctions Thursday were fascinating. 50 out of 93 auctions failed, with the "failure" interest rat...

Friday, February 15, 2008

When $800 billion you reinsure, look as good you will not!

This just in: Warren Buffett is pretty smart. Wednesday, the Oracle of Omaha offered to reinsure the entire municipal book of FGIC, Ambac, a...

Blue Harvest

I have now gotten 5 e-mails plus commenters asking about closed-end funds. I disclose that I play in closed-end funds a fair amount, and I d...

Wednesday, February 13, 2008

Bond insurance: Do muni investors still care?

We know the monoline insurance business has been one of the great flaming disasters of the Great Subprime Collapse of 2007. Unlike some othe...

Tuesday, February 12, 2008

Auction Rate Munis: Clumsy as they are stupid

The auction rate market is getting worse as the media is giving it more and more play. Today I heard Citigroup had at least two issues withi...

Saturday, February 09, 2008

Long Treasuries: Not much there.

So what happened to the 30-year yesterday? The obvious answer is that the Treasury's 30-Year Auction was not well received. That does in...

Tuesday, February 05, 2008

You have failed me for the last time, Auction Rate Municipals!

I've received several e-mails in the last couple days about municipal auction rate securities, after auction failures in both Nevada an...

Sunday, February 03, 2008

Our negotiations will not fail!

According to various reports, the New York State Insurance Department is meeting with various banks and dealer firms, trying to broker some ...

Friday, February 01, 2008

SLM Corp: We've got to give him more time!

I'm going to give you four companies. I'll give you their business, but not the name of the company. I'll also give you their cr...

Wednesday, January 30, 2008

Easy? You call that easy?

Markets like this one are the enemy of solid fundamental analysis. It can cause otherwise good traders to start just guessing, resulting in ...

Wednesday, January 23, 2008

Picked a bad week to go on vacation...

I should have checked my calendar more closely. I didn't realize this was "Market goes insane week." Here are a few quick thou...

Tuesday, January 15, 2008

He could destroy us

You will seldom hear a more vocal defender of capitalism than myself. I tend to be for allowing the market to find its own way, and keeping ...

Friday, January 11, 2008

Countrywide: I'm saved!

What should we take away from the Countrywide/Bank of America deal? First, its obviously good for market liquidity that Countrywide won'...

Wednesday, January 09, 2008

I felt it too

First let me say that I'm not surprised the market rallied strong today. Like I said yesterday, we knew Countrywide was in serious troub...

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About Me

Accrued Interest: I oversee taxable bond trading for a small investment management firm. Opinions expressed on this website may not reflect the opinions of my employers. Strategies described here should not be taken as advice, and may not be the strategies being used for my clients. Take this website as the egotistical ramblings of a bond geek and nothing more. E-mail is accruedint *at* gmail.com or find on Facebook.

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