December 23, 2019
The Sector Update publication today, and next week, are abbreviated versions due to the Christmas and New Year holidays. Individual sector reviews will return on January 6th. If there is anything we can do for you in the interim, please do not hesitate to reach out.
Weekly Spread Commentary
- 2s to 10s slope steepened, 8 bp wider to 29 bps. At a high for the year.
- Agency Bullets were flat, save the 2-year which was 1 bp tighter.
- Agency Callables were 2 bps tighter.
- MBS were tighter, 15-year was 5 bps tighter and 30-year MBS tightened by 3 bps.
- CMOs were unchanged on the week.
- Corporates were 8-12 bps tighter, spreads are at lows of the year.
- BQ Munis were 3-8 bps tighter, the third week in a row they have tightened.
- GM Munis were 8-10 bps tighter.
- Taxable Munis were 1-9 bps tighter, close to spread highs for the year.
What We’re Reading
Market Today | Daily
Weekly Recap | Weekly, Friday
Brokered Deposit Rate Indications | Weekly, Monday
Investment Alternatives Matrix | Weekly, Tuesday
MBS Prepay Commentary (December) | Monthly, 5th business day
SBA Prepay Commentary (December) | Monthly, 10th business day
“Mr. Hundley recommends measuring before you buy. To determine optimal tree size, subtract at least 6 inches from a room’s ceiling height. For diameter, measure the available floor space. Then subtract 6 inches to avoid squashing branches against walls.”