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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (100992)5/9/2001 9:48:42 PM
From: John Pitera  Read Replies (2) of 436258
 
nice job they did getting that WCOM bond deal done,.

WorldCom had much talk surrounding it, considering it was the largest U.S. Dollar denominated issue in the market's history, and with rate lock situations abound, deal related trades dominated much of AM trading. Once priced and freed to trade, it tightened by up to 7 bp. Treasuries followed suit and garnered support on unwinding trades.
The 10-year auction came very well. With a 2.56 bid/cover and a 5.189% award level, $9 bln was obviously an amount that the domestic market could digest (no FIMA).
Late in the session, we heard talk that echoed last weeks observation that Warren Buffet was allocating into Government securities from equity. While last week the detail was more vague, we know now that he is into Refco strips. This once again plays into our thoughts surrounding the firmness in stocks.
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