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You are viewing Micro News from Tuesday, Apr 22, 2014 - View all recent Micro News
  • 4/22/14
    Very Slight Positive Reprice Potential For Some Lenders

    Bond markets are at their best levels of the day, though there's not really an interesting story as to how they got there.  Reason being: they haven't moved much at all today, with the exception of noticeable ebbs and flows just after 9am and then coming the other way heading into Noon.  Rather than create any new movement, these flows ended in a wash, suggesting possible corporate rate lock hedging (companies selling Treasuries in order to lock in their funding costs between the time their corporate debt offering is priced and when it is fully subscribed--at which point the Treasuries are bought back).

    From the morning lows, Fannie 4.0s and 3.5s are up 4-5 ticks, which is technically enough for any lender pricing during those lows (or close to them) to consider a positive reprice. 

    Category: MBS, UPDATE
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  • 4/22/14
    Negative Bias Emerging as Participation Picks Up

    As bond market activity gets back to more acceptable levels, the participation that's come into the market has been mostly negative for Treasuries, and slightly less negative for MBS.  Earlier, this merely resulted in slight improvements overnight moving back to unchanged levels, but in the past few minutes it's taken 10yr yields about 2bps into weaker territory, currently 2.7388.

    MBS are only 1-2 ticks weaker from the last update.  Fannie 4.0s are down 2 on the day at 103-31+ and Fannie 3.5s are down 3 ticks at 100-21.  That update also noted a disconnected stock lever, but the timing of the current weakness in bonds combined with stocks presently opening stronger suggests that could be changing.

    Category: MBS, UPDATE
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  • 4/22/14
    Bond Markets Unchanged and Uninspired

    The week continues to suffer from a lack of participation and excitement (not that excitement is always what we'd want to see when it comes to rates).  Although market participants returned from holiday breaks in Asia and Europe, it didn't do a whole lot to reveal any directional biases.

    Case in point, Treasuries were insignificantly stronger, then weaker overnight and have been hovering around unchanged levels since the domestic session began.  MBS opened a few ticks weaker and gained them back in the first hour.  Fannie 4.0s are 1 tick from unchanged and 3.5s are 2 ticks weaker.

    The only significant economic data of the day is Existing Home Sales at 10am.  Normally, it would make some sense to point out that it's earnings season and uninspired bond markets might take cues from stocks, but so far, the stock lever has been fairly disconnected.

    Category: MBS, UPDATE
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  • 4/22/14

    Bond markets are at their best levels of the day, though there's not really an interesting story as to how they got there.  Reason being: they haven't moved much at all today, with the exception of noticeable ebbs and flows just after 9am and then coming the other way heading into Noon.  Rather than create any new movement, these flows ended in a wash, suggesting possible corporate rate lock hedging (companies selling Treasuries in order to lock in their funding costs between the time their corporate debt offering is priced and when it is fully subscribed--at which point the Treasuries are bought back).

    From the morning lows, Fannie 4.0s and 3.5s are up 4-5 ticks, which is technically enough for any lender pricing during those lows (or close to them) to consider a positive reprice. 

    Category: MBS, UPDATE
    Share:   
  • 4/22/14

    As bond market activity gets back to more acceptable levels, the participation that's come into the market has been mostly negative for Treasuries, and slightly less negative for MBS.  Earlier, this merely resulted in slight improvements overnight moving back to unchanged levels, but in the past few minutes it's taken 10yr yields about 2bps into weaker territory, currently 2.7388.

    MBS are only 1-2 ticks weaker from the last update.  Fannie 4.0s are down 2 on the day at 103-31+ and Fannie 3.5s are down 3 ticks at 100-21.  That update also noted a disconnected stock lever, but the timing of the current weakness in bonds combined with stocks presently opening stronger suggests that could be changing.

    Category: MBS, UPDATE
    Share:   
  • 4/22/14

    The week continues to suffer from a lack of participation and excitement (not that excitement is always what we'd want to see when it comes to rates).  Although market participants returned from holiday breaks in Asia and Europe, it didn't do a whole lot to reveal any directional biases.

    Case in point, Treasuries were insignificantly stronger, then weaker overnight and have been hovering around unchanged levels since the domestic session began.  MBS opened a few ticks weaker and gained them back in the first hour.  Fannie 4.0s are 1 tick from unchanged and 3.5s are 2 ticks weaker.

    The only significant economic data of the day is Existing Home Sales at 10am.  Normally, it would make some sense to point out that it's earnings season and uninspired bond markets might take cues from stocks, but so far, the stock lever has been fairly disconnected.

    Category: MBS, UPDATE
    Share:   
 
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