| Friday, June 28, 2024 |
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MANAGING DIRECTOR: |
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US Treasury Market |
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| Date | 1 mo | 3 mo | 6 mo | 1 yr | 2 yr | 3 yr | 5 yr | 7 yr | 10 yr | 20 yr | 30 yr |
| 06/21/24 | 5.28 | 5.36 | 5.35 | 5.10 | 4.73 | 4.46 | 4.27 | 4.25 | 4.25 | 4.50 | 4.39 |
| 06/24/24 | 5.31 | 5.35 | 5.35 | 5.09 | 4.72 | 4.45 | 4.25 | 4.23 | 4.23 | 4.47 | 4.36 |
| 06/25/24 | 5.32 | 5.35 | 5.31 | 5.11 | 4.74 | 4.47 | 4.27 | 4.25 | 4.24 | 4.48 | 4.37 |
| 06/26/24 | 5.32 | 5.37 | 5.35 | 5.13 | 4.74 | 4.52 | 4.34 | 4.33 | 4.33 | 4.57 | 4.46 |
| 06/27/24 | 5.32 | 5.37 | 5.34 | 5.11 | 4.71 | 4.49 | 4.30 | 4.28 | 4.28 | 4.53 | 4.42 |
The data in the table above is static as of the time it was pulled, so rates may have changed. Treat all data in this table and PMR as indications only and availability is
always subject to change. This information was pulled manually from sources we believe to be reliable. New source, as of 12/12/2022, Bloomberg, L.L.P. As of: close
of business 06/27/2024.
You Can’t Always Get What You Want
No, you can't always get what you want
You can't always get what you want
You can't always get what you want
But if you try sometime you'll find
You get what you need
This Rolling Stones classic is always at my fingertips as I play it for my five year old when he is complaining about perceived injustices. Suffice it to say, I hear it a lot. Coming into this year Fed Fund Futures had priced in 5 rate cuts by the Fed. As the year has gone on that has vacillated and presently expectations are 1-2 cuts in 2024. What has not changed is how to prepare the bond portfolio for lower rates - locking in higher coupons for as long as possible.
Below is a New Issue idea we like with a 10-year final and 1X call in 3 years and a 5.00% coupon. It is not often that we are showing 10-year maturity in the Agency space, but picking up +46 basis points to a 3 year bullet versus the call and a worst case scenario of a 7 year bullet at 5.00% seems to make sense to us in this market. Please contact your CCB representative to discuss.
Source: Bloomberg, LP / Indications Only – Subject to change and availability without notice.
This information is intended for institutional investors only. The material provided in this document/presentation is for informational purposes only and is intended solely for private use. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instruments.
•Not FDIC Insured •No Bank Guarantee •May Lose Value