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Some bozo on CNBC a few minutes ago is saying Rubin is behind this.
Get real. The treasury sent a questionairre out to all the major
bond houses back in Sep 99 and asked for their feedback on a possible
buyback. In Oct 99 the Treasury said the feedback was favorable. In
Jan 00, the Treasury announced official buyback plans. What's
happening here after billions of old bonds have already been
reclaimed is the Treasury being forced to pay up above market value
for these bonds hidden deep in some portfolios. Doesn't take a brain
surgeon to figure the cost effective thing to do is to just eliminate
30 year auctions.
Look out for pressure on the 10s and a possible 10s-30s inversion.
--- In realtraders@xxxx, "Dorothy K. Carter" <dorothy.carter@xxxx>
wrote:
> I saw Under Secy Tsy for domestic finance on TV... Peter
R.Fisher... he was
> asked why now his answer was as I quoted below........... I
repeated what
> he said on TV and yes it was announced along with the qtrly
refunding
> anouncement... now vs last month or prior to today......
according to
> him......... :-)
> ----- Original Message -----
> From: <bruce.larson@xxxx>
> To: <realtraders@xxxx>
> Sent: Wednesday, October 31, 2001 4:00 PM
> Subject: [RT] Re: 12/19 and bonds
>
>
> > Huh? The Treasury announced the suspension of the 30 year as
part of
> > its quarterly refunding anouncement.
> >
> > http://www.treas.gov/press/releases/po749.htm
> >
> >
> >
> > --- In realtraders@xxxx, "Dorothy K. Carter" <dorothy.carter@xxxx>
> > wrote:
> > > The timing of the announcement was because they were waiting
for the
> > > officials to be sworn into office... so that's why today... I
heard
> > > ----- Original Message -----
> > > From: <chrischeatham@xxxx>
> > > To: <realtraders@xxxx>
> > > Sent: Wednesday, October 31, 2001 3:21 PM
> > > Subject: [RT] Re: 12/19 and bonds
> > >
> > >
> > > > Interesting. Just thinking of the "surprise" 10 year auction
> > done by
> > > > Treasury a few weeks back done to take pressure off the repo
> > market.
> > > > Now lets see what they do when there are inbalances of their
own
> > > > creation. I guess the good news is that they did it a couple
of
> > > > months early. This Treasury is turning into much more of a
trader
> > > > than I gave them credit for.
> > > >
> > > > Chris
> > > >
> > > >
> > > > --- In realtraders@xxxx, bruce.larson@xxxx wrote:
> > > > > Another poster here and I both agreed a while back the bond
> > would
> > > > top
> > > > > out on Dec 19. December 19 is the last trade and delivery
> > deadline
> > > > > for December futures. There's going to be one heck of a mad
> > > > scramble
> > > > > when all the bond longs demand delivery come December.
Who's
> > going
> > > > > to give'em up? Just watch. Its going to get real
> > interesting. In
> > > > > fact, I wouldn't be surprised if the exchange has to come
in to
> > > > alter
> > > > > the rules. They did it for the German bobl contract in the
mid
> > 90s
> > > > > when there was a big squeeze and the shorts couldn't
deliver.
> > > > > 30 year UK gilts are at 4.3 vs 4.5 for UK ten years. Could
be a
> > > > good
> > > > > proxy for things to come in the US.
> > > >
> > > >
> > > >
> > > > To unsubscribe from this group, send an email to:
> > > > realtraders-unsubscribe@xxxx
> > > >
> > > >
> > > >
> > > > Your use of Yahoo! Groups is subject to
> > http://docs.yahoo.com/info/terms/
> > > >
> >
> >
> >
> > To unsubscribe from this group, send an email to:
> > realtraders-unsubscribe@xxxx
> >
> >
> >
> > Your use of Yahoo! Groups is subject to
http://docs.yahoo.com/info/terms/
> >
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