Monday, June 29, 2009
The Collapse Of The Non-Backstopped Agency Market
Complete collapse in foreign interest for GSE debt: North American holdings of the latter have increased from 50% to 80% of total notional in one year!
Primary Dealers are selling corporates in droves in order to purchase Treasuries and MBS under the Fed's gun. Primary Dealers now have a record $368 billion in Corporate, Agency, MBS and Treasury inventory. And the vast bulk of PD holdings of agency debt has less than a 3 year maturity...
Zero Hedge: The Collapse Of The Non-Backstopped Agency Market
Primary Dealers are selling corporates in droves in order to purchase Treasuries and MBS under the Fed's gun. Primary Dealers now have a record $368 billion in Corporate, Agency, MBS and Treasury inventory. And the vast bulk of PD holdings of agency debt has less than a 3 year maturity...
Zero Hedge: The Collapse Of The Non-Backstopped Agency Market
Permalink posted by markw @ 4:39 AM 
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