Monday, December 29, 2008

Bad liquidity cuts both ways in municipals

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Municipal bonds have posed an impressive rally in the last few days: the Barclays Municipal Index is up 3.78% since 12/15. That is better th...
12 comments:
Tuesday, December 23, 2008

Mark-to-Market: Discussion minus the Zealotry

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Mark-to-market accounting has got to be one of the most controversial topics of the year. Unfortunately, its also rife with bias and downrig...
23 comments:
Friday, December 19, 2008

TALF: Quicker, easier, more seductive

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The Fed has expanded the Term Asset-Backed Loan Facility (TALF), which AI first discussed here . Here is the quick recap of the facility. 1...
4 comments:
Thursday, December 18, 2008

Is the Treasury market a bubble?

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Yields on U.S. Treasuries have fallen to levels once thought impossible, and we are now hearing the "B" word (bubble) used to desc...
17 comments:
Tuesday, December 16, 2008

Mortgage Backed Securities: Its a trap!

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The agency-backed mortgage sure is tempting. Fannie Mae 30-year 6% mortgage-backed securities are currently yielding in the 4.40% area with ...
9 comments:
Thursday, December 11, 2008

Negative T-Bills?

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I'm on record as saying that I think Treasury bonds have no logical lower limit in yield. While its conceptually hard to be bullish on ...
34 comments:
Sunday, December 07, 2008

Lower interest rates and home prices

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Calculated Risk is one of the best financial blogs going. Accrued Interest should only hope to get 1/10th of their hits. And the blogging w...
25 comments:
Friday, December 05, 2008

That isn't what I had in mind

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Lost 500,000 jobs? Almost 200,000 worse than expected? And yet bonds sell off? This isn't a case of whisper numbers being worse or any s...
6 comments:
Thursday, December 04, 2008

Port Authority: You overconfidence is your weakness

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The headline is that the Port Authority of New York/New Jersey got no bids on a $300 million municipal bond offering . Its distressing, yes....
11 comments:

Accrued Interest Job Posting

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I know times are really tough in the finance business, so when I hear about a job opening I'm going to pass it on. I have one now that i...
Monday, December 01, 2008

Treasury Rates: Less than your bargained for

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T-bills at zero? 2-year notes less than 1%? 5-year notes less than 2%? Locking up your money for 30-years at 3.30%? If these yields make it ...
9 comments:
Friday, November 28, 2008

We need? What about you need?

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The Fed's new Term ABS Loan Facility (TALF) announced this week could be a significant step in improving credit availability. While man...
12 comments:
Thursday, November 27, 2008

Accrued Interest Holiday Edition

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Its time for a new tagline for the blog. So in proper geek fashion, I've created a poll. The options are... Republic credits? Credits ar...
9 comments:
Wednesday, November 26, 2008

And NOW young monoline... you will die

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Moody's has downgraded FSA and Assured Guaranty on Friday, claiming that with the future of municipal monoline insurance uncertain, it ...
13 comments:
Tuesday, November 25, 2008

My God, they aren't kidding!

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The Fed will be buying up to $600 billion in debt and MBS backed by Fannie Mae and Freddie Mac. Yeah, that'll move the market. Today we ...
Friday, November 21, 2008

Goldman Sachs: General, count me in

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The FDIC announced their final rules on the so-called Temporary Liquidity Guarantee Program, or TLGP (Pronounced "Teelgup"). This...
5 comments:
Thursday, November 20, 2008

Update on 30-year Swaps

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On October 21, I wrote that 30-year swap spreads , which were hovering around zero at the time, was a another sign that lack of liquidity wa...
6 comments:

3.44% for 30-years? Where do I sign up!?!?

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Okay, someone is obviously short the long-bond and can't find a buyer, because not only did it rise 5 points during the regular session,...
8 comments:
Wednesday, November 19, 2008

CMBS: This is no cave...

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If you are like many of our readers, you are a bond guy and are well aware that CMBS (commercial mortgage-backed securities) are in an absol...
22 comments:
Tuesday, November 18, 2008

The New Order

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Much has been made of the November 15 deadline for many hedge fund clients to submit redemption requests. While we wait to see what the even...
5 comments: