• News

    Banks Can’t Get Enough Double-A-Plus Rated Debt

    Banks own more Treasuries now than basically ever before, as it seems Standard & Poor’s didn’t consider that Dodd-Frank was basically just a scam to force banks to buy up the stuff even though it makes no economic or business sense whatsoever.

    / Dec 1, 2014 at 5:53 PM
  • This is perhaps not all that scientific.


    Google Bonds Probably Not Going To Replace Treasuries Any Time Soon

    There’s something interesting going on in these Wall Street Journal articles (Money & Investing and Deal Journal) today about how corporate bonds now sometimes trade inside of Treasuries. Or somethings interesting; one thing that’s going on is, like, why the day after the election? One possibility is that the message here – which the Journal […]

    / Nov 7, 2012 at 7:08 PM
  • News

    Bill Gross Doesn’t Need Your Pity

    “We’re not overweight Treasuries. We’re certainly underweight Treasuries, but that does not mean we don’t own lots of other bonds. German bunds and Canadian bonds are rallying. We simply think those are better alternatives. It does not mean as well that we’re not a little bit shy in terms of duration…Bloomberg’s numbers as of last […]

    / May 26, 2011 at 2:27 PM
  • News

    Nassim Taleb Has A Short Idea For The Homo Sapiens Of The World

    It’s “a no brainer” to sell short Treasuries, Nassim Taleb, a principal at Universa Investments LP in Santa Monica, California, said at a conference in Moscow today. “Every single human being should have that trade.”

    / Feb 4, 2010 at 12:24 PM
  • News

    Tips For Tim

    Is anyone else looking forward, really looking forward to The Safecracker’s Beijing trip next week? We certainly are. Reuters says this: U.S. Treasury Secretary Timothy Geithner has a chance next week to persuade anxious Chinese authorities their investments in huge and growing volumes of U.S. debt securities are safe and sound. His visit to Beijing […]

    / May 28, 2009 at 11:21 AM
  • News

    Tick, Tock, Tick, Tock….

    So, what do you make of the sudden collapse of 30 year Treasuries? Open forum on the topic in comments. 30-Year Treasury Bond Collapses [Alea]

    / May 7, 2009 at 3:52 PM
  • News

    China’s Smack Addiction Continues Unabated

    No wonder they want to invent a reserve currency that has some merits over the United States Dollar. It would be a form of methadone treatment: China, the U.S. government’s biggest creditor, increased its purchases of American securities in February just weeks before the country’s officials questioned whether such investments were safe. While China’s purchases […]

    / Apr 15, 2009 at 3:58 PM
  • News

    New York Tea (Treasuries) Party?

    Our spy on a Treasuries desk has some interesting things to say via the mailbag about the bond market in the imminent face of $300 billion in quantitative easing by proxy: Wall Street Dealers are giving the Treasury the biggest “fuck you” on new Treasury debt. There’s an auction today and a buy program tomorrow. […]

    / Mar 25, 2009 at 1:39 PM
  • News

    Uh, Will Someone Please Go Downstairs And Pay For China’s Taxi?

    It is popular to speculate about what might happen if China ever grew tired of providing the United States with cheap capital to fund [mass consumerism/the real-estate bubble/our exorbitant lifestyle/our fat/flat-screen televisions/the deadly “greed virus”]. We think these questions overblown. It might be simplistic to think about Sino-American economic relations as China lending us money […]

    / Mar 13, 2009 at 3:39 PM
  • News

    Do Credit Default Swaps On Treasuries Mean Anything?

    Unless you can collect the protection in Swiss Franc, we find it difficult to get our head around credit default swaps on U.S. Treasuries. Surely, if you find yourself actually needing the protection, the last thing you want is U.S. Dollars. And in addition, if you find yourself in a position to expect payment from […]

    / Feb 20, 2009 at 12:44 PM
  • News

    The Amusing Dance Of Treasury CDS

    Alea points out that 5 year CDS spreads on Treasuries are alarming. (82 basis points). Discuss.

    / Feb 6, 2009 at 12:09 PM
  • News

    The Credit Perspective

    The Across the Curve blog often has insightful and potent analysis, with a focus on credit markets that reveals some real expertise in the area. Today, however, its author, originally a weak supporter of government intervention, has made a rather public about-face. We are forced to agree with him. Matters are quickly getting out of […]

    / Jan 16, 2009 at 11:57 AM
  • News


    If you want a measure of: A. How broken the credit markets are, or; B. How totally fucked we are, The fact that credit default swaps for 10-year protection on U.S. government debt have jumped to 56 points is a good candidate. Which one is really at work here, A or B is anyone’s guess. […]

    / Nov 26, 2008 at 10:23 AM
  • News

    Spread ‘Em

    29.2 basis points on a 10-year treasury CDS. This is either a fantastic opportunity, or the beginning of the end. Salt to your own taste. US 10-year Treasury CDS widens to record 29.2 bps-CMA [Reuters via Alea]

    / Sep 24, 2008 at 9:27 AM
  • News

    Mortgage Spreads Tighten

    Spread on mortgage backed securities over Treasuries tightened today, according to John Jansen at Across The Curve. Mortgages are closing about 6 ticks tighter to Treasuries and about 3 basis points tighter to swaps.One dealer described the flows as “chunky”. The same dealer noted that the buyers today were from the genus “long term”. Some […]

    / Sep 4, 2008 at 4:37 PM

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