MBS RECAP: Bonds Endure Nearly Comical Abuse at Hands of Corporate Market

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Posted To: MBS Commentary

If it seems like corporate debt has been an increasingly hot topic for me/us over the past few years, that's because it has been. 2014 was a record year for corporate issuance and 2015 isn't far behind. When corporate debt isn't moving markets, we tend not to discuss it. When corporate debt is obviously moving markets, sometimes there's very little else left to discuss. Today was the latter. If the weakness was about the Fed, or anything to do with Fed expectations, we would have seen the losses led by the shortest end of the yield curve. Instead, it was 30yr bonds that took the biggest beating, followed closely by 10's. If there was a supporting role played, it was by the rebound in tradeflow momentum after Friday saw a one-sided rally for bonds. Still, corporates were...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/513666.aspx

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