Archive

Dispatch Sunday-Set-up

A senior Treasury official just told you the government's limit price. Eleven days, three quotes — and the gauge moved.

Dispatch Morning Brief

The Fed hiked 75bp six days before the last midterm. Oct 28 is six days before this one.

Dispatch Morning Brief

Kevin Warsh takes the podium at Jackson Lake Lodge at 10:00 ET into a US Treasury curve sitting two basis points from where it marked on July 31.

Dispatch Morning Brief

Cook, Schmid, buybacks — and a curve that won't move. 2s30s pinned at July's close, CCC extends the countdown.

Dispatch Morning Brief

Munis sat out the buyback bounce. That's mechanical, not a mispricing.

Dispatch Morning Brief

Dispatch Morning Brief

The market scores the buyback. Warsh takes the podium.

The Vault No. 002: The Bank That Wears Every Hat

Main Street Natural Gas 56035DGT3. The control group: every promise in the deal is Royal Bank of Canada directly — and the tape prices the difference between a bank's word and an insurer's at 86 basis points.

The Vault No. 001: The Unsecured Obligation

Black Belt Energy 09182TDL8. $454 million of tax-exempt municipal paper resting on the unsecured promise of an Iowa annuity company that bondholders have no right to enforce.