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Morning Recap: We heard big flows once again y'day, with much better buying of US bonds on weakness, good mortgage selling of 5s and 10s, and good late day real money buying of 5s 10s and bonds. The big steepening of 5s / 10s played havoc with 10 year note futures longs, as nervousness about a...

Good Morning--- US Economic data came as expected, and stocks slid after an early good start, but the long end of USTs got obliterated amid a total mortgagewipe out and fears of switches in futures deliverables. The front end liked what it heard from BB, but the long end did not like the perhaps...

RM= real money (pensions/lifers' etc) FM= fast money (prop/locals) RV= relative value players

USTs sell of on HAWKISH MEDLEY on the Fed.

Morning Recap: US equity markets performed quite well on the heels of a strong retail sales indicator- but the front end of the US yield curve rallied on continued concerns about the roll-over of auction rate preferreds. In Tokyo, we resumed trading to the upside led by 10yr cash buying from...

Bunds: GOOD domestic and Asian RM buying of Bunds around 116.00/10 (buyers' of 10yr and 15yr EUR cash) with TALK or more to come below 116 handle. DB quote: iTraxx Xover tightens a touch to 524/526 vs 528 open and vs 543 y'day- the Main index 96 3/4/97 1/2. The Crossover and the Main index...

Good Morning---- USTs found support again y'day from worries in the muni funding mkt with continued concerns about rolling over auction rate preferreds. This gave a bid to the front end. In US TIPS, while we thought a soft retail sales number would bring about selling in TIPS, as it turned out...

Legg Mason Says No Money-Market Funds Have Fallen Below $1 NAV 2008-02-13 11:53 (New York) By Sree Vidya Bhaktavatsalam Feb. 13 (Bloomberg) -- Legg Mason Inc., denying market speculation, said none of its money-market funds fell to less than $1 in net asset value. ``None of...

A lot of people asking about the rally and steepening in fixed income. Certainly this story, which we sent out this morning at 7.00am London time, is being cited as is the report by S&P which suggests half of Europe's leveraged loans are in danger of default. Further reports of a US money market...

Look to tomorrow: More supply- Eur 3 bn BTP 4.25% Oct 12s at 10.00GMT and GBP 2 bn4.50% 2042s at 10.30GMT. * BTP October 2012 - This bond continues to trade at an elevated spread versus the Bobl. Analysts' think that the yield differential, currently at 28bp, should gradually tighten as the...

More on data: weakness IS evident in descretionary sales with declines in furniture, electronics, sporting and books, dept stores, eating/drinking. Gains in food/beverage, gas stations, does suggest that underlying consumer spending is stressed. UST flows: Flows are very mixed, balanced. We...

More on data: weakness IS evident in descretionary sales with declines in furniture, electronics, sporting and books, dept stores, eating/drinking. Gains in food/beverage, gas stations, does suggest that underlying consumer spending is stressed. UST flows: Flows are very mixed, balanced. We...

Preview US Retail Sales at 13.30GMT: Economists' look for retail sales to fall 0.3% in Jan, following a 0.4% drop in Dec. The bulk of the weakness should come from a decline in auto sales. Unit domestic auto sales fell to 11.7 million in January from 12.4 million in December, which should...

Morning Recap: UST yields rose y'day after Buffet expressed interest in some of the businesses of the monoline insurers, (municipals, specifically- but USTs rallied later in the session on rumours of bank portfolio selling assets at 20 cents on the dollar, on top of talk another failed ARS...

Morning Recap: UST yields rose y'day after Buffet expressed interest in some of the businesses of the monoline insurers, (municipals, specifically)- but USTs rallied later in the session on rumours of bank portfolio selling assets at 20 cents on the dollar, on top of talk another failed ARS...

Bund auction results: reasonably successful despite heavy supply in 10yr and high volatility of the mkt. B/C ratio of 1.7, premium vs stop was 5 cents. Almost EUR 0.9bn retained for market operations. Tail 0.3. Amount Bid 8.935 Amount Offered...

Bund auction: b/c 1.7 vs a very weak 1.2 in Jan.

AUCTIONS EXPLAINED>>>> . Europe- Although the European market differs from country to country, we will concentrate on the major issuers Germany, France and Italy. An important consideration in Europe is the league tables, whereby a bank's ability to participate as a lead manager for a...

Bunds: supply weighing now into the 10.00GMT bidding deadline.Turnover y'day in the street suggests the auction should get taken down ok. Some buyers' of Jan18s ahead of the auction. The paper is not particularly cheap but was expesive last week- desks' believe it's simply seeing some profit...

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