Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: steve susko who wrote (40862)	6/22/1999 11:04:00 AM
From: Les H	Read Replies (1) of 94695

Supply Weighs Heavy A very heavy corporate and treasury financing calendar is pushing yields higher. Thirty-year bonds are down 12/32, yield 6.05%. Two-year notes are down 2/32, yield 5.63%. The Treasury is slated to sell $15 billion two-year notes on Wednesday. The corporate issuers are expected to include Ford Motor Credit, KFW Intl, Florida Power and Light, and Avis. Selling of treasuries occurs as dealers hedge positions and issuers set rate locks. As the new deals are sold and the rate locks unwound, the treasury positions will be repurchased. Germany reported industrial production rose .7% in April, less than the 1.0% expected. This is still a strong number. The government is attributing this to a better export environment. Elsewhere, French industrial production fell .6% April, following an upwardly revised 1.2% gain in March. No economic data will be released today or tomorrow. We do have a plethora of Fed officials speaking today. The list includes Fed President McDonough, Fed Governor Meyer and Fed Governor Ferguson. Have a great day. bonds-online.com

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