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To: bill meehan who wrote (60047)	9/2/1999 8:32:00 AM
From: Lucretius	Read Replies (2) \| Respond to of 86076

please do so.... i own some septembers -g-

To: bill meehan who wrote (60047)	9/2/1999 8:33:00 AM
From: MythMan	Read Replies (1) \| Respond to of 86076

sell em..

To: bill meehan who wrote (60047)	9/2/1999 8:33:00 AM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

enTicing the bears with a loaded calender: <<Estimates have a staggering $30 billion of asset-backed paper coming to market this month. >> <<Indeed, throughout the credit markets there are signs of increasing stress. So far this week, the 10-year swap spread has widened 5 basis points to 107, within striking distance of the 12-year highs from three weeks ago. Spreads on mortgage-backeds have also widened considerably. Spreads on the standard current coupon Fannie Mae mortgage security rose to 171, from Friday's close of about 164. This spread traded at 120 in May. Clearly, the extreme character of these spreads is indicative of an impaired marketplace, with supply simply overwhelming demand. This is forcing companies to compete for funds and many are paying dearly. Recently, many companies have issued securities at much wider than expected spreads. Yesterday, finance company Dynex Capital, sold $341 million of manufactured housing-backed bonds at alarmingly wide spreads. Dynex sold "AAA" rated 3-year securities at spreads of 167 basis points, although expectations were that these securities would go at 145-150. This is certainly not a positive harbinger for the upcoming deluge of asset-backed securities. >> prudentbear.com