From the course: Applied Fixed Income
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Secondary trading IBRD bond
From the course: Applied Fixed Income
Secondary trading IBRD bond
- [Instructor] Speaking of secondary performance, in the past three months or so, since the deal priced, this bond has performed well in the secondary market. If we use the bid side of the market currently, we see that the price has gone up to par spot 811 from the original 99 spot 613. So the bond has gone up 1.2 cash points in the past three months. However, as you know by now, any gain in the bond could be due to the underlying yield change. So here we've used the YAS, the yield-analysis-by-spread function on Bloomberg to figure out exactly how this bond has performed in the secondary market. Using the bid price of par spot 811, it comes out to be a T spread, a spread over the same tenor benchmark US Treasury of now only 15 1/2 basis points, which means that this deal has tightened 21 basis points since pricing at a T spread of 36 1/2 basis points. Looking at the deal over swaps, the bond is now 13.4 basis points over the same five-year swap rate. You'll remember that the deal…
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Contents
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U.S. government debt market3m 47s
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Issuance process2m 41s
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U.S. treasury grey market1m 27s
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Key U.S. treasury auction statistics3m 32s
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(Locked)
Buy backs4m 4s
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(Locked)
Importance of yield curves57s
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Carry and roll of the yield curve2m 39s
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(Locked)
Coupons, maturities, and butterflies4m 27s
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(Locked)
Drivers of U.S. treasuries2m 29s
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(Locked)
European government bonds2m 15s
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(Locked)
German government curve actives3m 25s
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(Locked)
5-year on-the-run OAT4m 2s
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2-year on-the-run GILT1m 26s
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Supranational: Government related issuers3m 21s
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(Locked)
Case study: World bank2m 6s
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(Locked)
IBRD debt by currency3m 11s
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(Locked)
Issuing supranational bonds3m 16s
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IBRD bond issuance2m 29s
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IBRD bond example6m 21s
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New issue distribution2m 41s
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Secondary trading IBRD bond1m 17s
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Sovereign agencies5m 7s
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Sovereign agencies yield curves and differences3m 16s
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Sovereign agency: New issuance1m 2s
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(Locked)
Why do investors buy SSA debt?3m 25s
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GSE debt3m 21s
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GSE debt market3m 40s
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Fannie Mae (FNMA) and Freddie Mac (FHLMC)3m 12s
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(Locked)
FHLB, FAMC, and FFCB3m 51s
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FHLB bond example2m 33s
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Domestic bond markets2m 33s
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(Locked)
International bond markets5m 28s
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Sample shelf and pricing supplement39s
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