From the FT …
US GDP (purchasing power parity):
$14.29 trillion (2008 est.)
$14.11 trillion (2007)
$13.83 trillion (2006)
Well… inflation now?
Saturday, October 31, 2009
Explore Bonds wrote an excellent post titled: Where to Buy TIPS On the Secondary Market… this is very useful and practical advice about the mechanics of retail bond purchases… kudos to the blog author for aggregating the information. There is also much to reflect on in this post as it relates to market structure for fixed income [...]
Electronic Trading Takes Over, Block Trading Dries Up - From Sandler O’Neill Global Exchange & Electronic Trading Conference in New York, NY: Interview with ITG CEO Robert Gasser (Bloomberg News — running time 5:00 minutes)
Mr. Gasser says the, “Buyside has been empowered to trade directly into the markets…”… this is a direct result of the [...]
Analysis and interview with Thomas Atteberry of First Pacific Advisors with take on the bond market saying this is one of the worst times to get in bond market. (Bloomberg News — running time ~~ 8:40 minutes)
Mr. Atteberry says…
Stay liquid
Preserve your capital
Stay in shorter paper
Stay in high quality paper
“I’m going to wait because a better [...]
Analysis and discussion with Brad Hintz ,Analyst of Sanford C Bernstein talking about financials. He talks about leverage levels at Goldman Sachs and Morgan Stanley running around 13 times versus the 30-40 times levered pre commercial bank mutation…. Mr. Hintz previously served as the CFO of Lehman Brothers so I’m always very interested in his [...]
Online help for novice bond investors
A Financial Q&A with Steve Dinnen.
from the April 2, 2009 edition, Christian Science Monitor
Q : I have had trouble finding a user-friendly bond site. I seem to keep getting sites where there are runs of transactions bought and sold in the past 12 hours. But I can’t find a site [...]
An interview with Mark Bamford of Barclays Capital with his opinion after corporate bonds outperform stocks and treasuries. (Bloomberg News - running time 3:30 minutes)
Money quote…. “there is a move by industrial (issuers) away from the short term funding… CP and money markets…. to the term markets…”
There was very large issuance in the non-financial corporate [...]
Spreads have blown out in corporate bond markets… (thanks to EconompicData for the nice graph)…
The big bank/broker dealers previously had used their giant balance sheets to dominate trading in these markets… think Citi, Morgan Stanley, Goldman, Merrill…
Since the beginning of the Credit Crisis in August 2007 these dealers have had their position as principal market [...]
Filed in Creativity, Launching..., Liquidity, Open engines, Pricing, Restructuring, Trading, Transparency
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Also tagged CDS, Citi, FIX, Goldman Sachs, JP Morgan, Merrill, Morgan Stanley
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Wednesday, March 11, 2009
Charles Diebel, at Nomura International in London, talks about TIPS and inflation, Treasury yields going forward, quantitative easing and the G20 meeting… (running time = 3 minutes)
Monday, February 23, 2009
The fixed income markets have long been the domain of institutions… partly this is due to the cost of getting data and information related to fixed income… credit ratings… pricing data… security master data… it’s wonderful to see firms beginning to use the Internet to untangle, process and package information for this market… hopefully one [...]