Derivati USA: CME-CBOT-NYMEX-ICE BUND, TBOND and the middle of the guado (VM 69) (4 lettori)
- Creatore Discussione masgui
- Data di Inizio
Madiba
Forumer storico
f4f
翠鸟科
và a vedere che così si fa meno danni, belin d'un belin
goood morning bbbbanda
certo Fleu 
ma ù se diise
belinun cù tuccu
Fernando'S
Forumer storico
...hai ragione !
mai sottovalutare le donne
...ma...... valutarle sotto si puo' ??
Allegati
Fleursdumal
फूल की बुराई
Fleursdumal
फूल की बुराई
cmq quei tacchi fanno paura orcozio
Fleursdumal
फूल की बुराई
le billionate in asta son sempre record ormai
Treasuries Gain Before Five-Year Note Auction, Fed Minutes javascript:togShareLinks('shr_v');
By Daniel Kruger and Anna Rascouet
Nov. 24 (Bloomberg) -- Treasuries rose before the Federal Reserve publishes the minutes from its November meeting, when it specified rates would stay unchanged, and the U.S. prepared to sell a record $42 billion of five-year notes.
The U.S. economy expanded at an annual rate of 2.8 percent in the third quarter, less than the 3.5 percent pace the government reported last month, driving speculation growth is slow enough to keep the Fed from raising rates. Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., increased government-related securities to 63 percent of assets in October, the most since July 2004.
“The Fed remains concerned about the recovery, and in order to ensure its success it’s keeping rates as low as possible to spur investors to go into risky assets,” said Gary Pollack, who helps oversee $12 billion as head of fixed-income trading at Deutsche Bank AG’s Private Wealth Management unit in New York.
Treasury two-year note yields fell three basis points, or 0.03 percentage point, to 0.76 percent at 8:34 a.m. in New York, according to BGCantor Market Data. The 0.75 percent security maturing in November 2011 rose 2/32, or 63 cents per $1,000 face amount, to 99 31/32.
Charles Evans, president of the Fed Bank of Chicago, told the Financial Times yesterday that U.S. interest rates may stay near zero until “late 2010, perhaps later in terms of 2011.” The Fed said after its November meeting that interest rates will stay near record lows as long as inflation expectations are stable.
Five-Year Notes
Gross boosted his $192.6 billion Total Return Fund’s investment in Treasuries, so-called agency debt and other U.S. government-linked bonds from 48 percent of assets in September. He reduced his position in mortgages to the smallest since May 2004, according to Pimco’s Web site yesterday.
The five-year notes scheduled for sale today yielded 2.21 percent in pre-auction trading, versus 2.388 percent at the last sale on Oct. 28. Investors bid for 2.63 times the amount of debt offered last month, the most in two years.
Indirect bidders, the category of investors that includes foreign central banks, purchased 54.8 percent of the notes. The average for the past 10 sales is 44.4 percent.
Five-year notes have returned 0.3 percent in 2009, versus a 2 percent decline for the whole Treasury market, according to Merrill Lynch.
Yesterday’s $44 billion auction of two-year debt drew a yield of 0.802 percent, the lowest ever. The Treasury will finish this week’s record $118 billion sales with $32 billion of seven-year securities tomorrow.
Unsustainable Yields
Signs of improvement in the U.S. housing market, the source of the global recession, are prompting concern that demand for the relative safety of government securities will wane just as the U.S. sells unprecedented amounts of debt. Home prices in 20 U.S. cities fell in September at the slowest pace in almost two years, economists said before a private report today.
Benchmark 10-year yields will climb to 3.56 percent by year-end, according to a Bloomberg survey of banks and securities companies, with the most recent forecasts given the heaviest weightings.
Investors should bet against two-year notes, JPMorgan Chase & Co. said Nov. 20. The company is one of the 18 primary dealers required to bid at the government auctions.
“We view front-end yields as unsustainable near current levels,” wrote JPMorgan fixed-income analysts, led by Srini Ramaswamy in New York. “We remain bearish” on Treasuries, the analysts wrote.
Headed for Loss
Government securities are headed for a loss in 2009, even after accounting for a winning month in November, as the economy began growing following a yearlong contraction.
U.S. corporate bond sales reached an annual record of $1.171 trillion as borrowers took advantage of low interest rates.
Sales of investment-grade and high-yield, high-risk debt compare with the more than $1.167 trillion that companies sold in all of 2007, the previous record, according to data compiled by Bloomberg.
To contact the reporters on this story: Daniel Kruger in New York at [email protected]. Anna Rascouet in London at [email protected].
Treasuries Gain Before Five-Year Note Auction, Fed Minutes javascript:togShareLinks('shr_v');
By Daniel Kruger and Anna Rascouet
Nov. 24 (Bloomberg) -- Treasuries rose before the Federal Reserve publishes the minutes from its November meeting, when it specified rates would stay unchanged, and the U.S. prepared to sell a record $42 billion of five-year notes.
The U.S. economy expanded at an annual rate of 2.8 percent in the third quarter, less than the 3.5 percent pace the government reported last month, driving speculation growth is slow enough to keep the Fed from raising rates. Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., increased government-related securities to 63 percent of assets in October, the most since July 2004.
“The Fed remains concerned about the recovery, and in order to ensure its success it’s keeping rates as low as possible to spur investors to go into risky assets,” said Gary Pollack, who helps oversee $12 billion as head of fixed-income trading at Deutsche Bank AG’s Private Wealth Management unit in New York.
Treasury two-year note yields fell three basis points, or 0.03 percentage point, to 0.76 percent at 8:34 a.m. in New York, according to BGCantor Market Data. The 0.75 percent security maturing in November 2011 rose 2/32, or 63 cents per $1,000 face amount, to 99 31/32.
Charles Evans, president of the Fed Bank of Chicago, told the Financial Times yesterday that U.S. interest rates may stay near zero until “late 2010, perhaps later in terms of 2011.” The Fed said after its November meeting that interest rates will stay near record lows as long as inflation expectations are stable.
Five-Year Notes
Gross boosted his $192.6 billion Total Return Fund’s investment in Treasuries, so-called agency debt and other U.S. government-linked bonds from 48 percent of assets in September. He reduced his position in mortgages to the smallest since May 2004, according to Pimco’s Web site yesterday.
The five-year notes scheduled for sale today yielded 2.21 percent in pre-auction trading, versus 2.388 percent at the last sale on Oct. 28. Investors bid for 2.63 times the amount of debt offered last month, the most in two years.
Indirect bidders, the category of investors that includes foreign central banks, purchased 54.8 percent of the notes. The average for the past 10 sales is 44.4 percent.
Five-year notes have returned 0.3 percent in 2009, versus a 2 percent decline for the whole Treasury market, according to Merrill Lynch.
Yesterday’s $44 billion auction of two-year debt drew a yield of 0.802 percent, the lowest ever. The Treasury will finish this week’s record $118 billion sales with $32 billion of seven-year securities tomorrow.
Unsustainable Yields
Signs of improvement in the U.S. housing market, the source of the global recession, are prompting concern that demand for the relative safety of government securities will wane just as the U.S. sells unprecedented amounts of debt. Home prices in 20 U.S. cities fell in September at the slowest pace in almost two years, economists said before a private report today.
Benchmark 10-year yields will climb to 3.56 percent by year-end, according to a Bloomberg survey of banks and securities companies, with the most recent forecasts given the heaviest weightings.
Investors should bet against two-year notes, JPMorgan Chase & Co. said Nov. 20. The company is one of the 18 primary dealers required to bid at the government auctions.
“We view front-end yields as unsustainable near current levels,” wrote JPMorgan fixed-income analysts, led by Srini Ramaswamy in New York. “We remain bearish” on Treasuries, the analysts wrote.
Headed for Loss
Government securities are headed for a loss in 2009, even after accounting for a winning month in November, as the economy began growing following a yearlong contraction.
U.S. corporate bond sales reached an annual record of $1.171 trillion as borrowers took advantage of low interest rates.
Sales of investment-grade and high-yield, high-risk debt compare with the more than $1.167 trillion that companies sold in all of 2007, the previous record, according to data compiled by Bloomberg.
To contact the reporters on this story: Daniel Kruger in New York at [email protected]. Anna Rascouet in London at [email protected].