NEGATIVE NOMINAL RATES ON US T-BILLS
The most notable historical market for this past week was that t-bill auction brought negative yields.
I'd bet that is the second time in U.S. history that there has been a negative nominal yield.
Last week's very small backwardation in the gold market got explained as sticky lease rates.
Showing posts with label Markets History. Show all posts
Showing posts with label Markets History. Show all posts
Sunday, December 14, 2008
This Week In Markets History
Sunday, December 7, 2008
This Week In Markets History
Didn't want to miss this one, since we get a new record (or two!) almost every week now:
Dec 3rd, FT
The Markit iTraxx Crossover index rose above 1,000 basis points for the first time since it was created in 2004, ...The index, composed of 50 mostly junk-rated companies in Europe, rose 60 basis points to highs of about 1,020bp, according to Markit, the data provider.
It was trading at about 700bp, or a cost of €700,000 to insure €10m of debt annually against default over five years, on November 1. Before the credit crunch it was below 200bp.
Also, Gold prices on Comex were in rare - very rare - backwardation on the 2nd and 3rd. [I'm looking for a chart/data...]
Friday, December 5, 2008
Holy Super-Contango, Batman
The Super Contango is now a Giant Super Contango.
Prices here.
(I don't want to be around when this rubber band snaps.)
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