1) Weekly Interest Rate Monitor
Treasury/Agency/CDs/MBS
Item
Current
Prev.
Change
Treasuries
1 yr
0.700
0.670
0.030
2 yr
0.970
0.880
0.090
5 yr
1.490
1.380
0.110
7 yr
1.790
1.690
0.100
10 yr
1.980
1.880
0.100
30 yr
2.750
2.700
0.050
Treasury Inflation-Protected Securities (TIPS)
5 yr
-0.009
-0.090
0.081
10 yr
0.437
0.345
0.092
30 yr
1.086
1.005
0.081
Agencies
1 yr
0.998
0.910
0.088
2 yr
1.217
1.154
0.063
5 yr
1.770
1.697
0.073
7 yr
2.527
n/a
n/a
10 yr
2.840
n/a
n/a
20 yr
3.043
3.073
-0.030
MBS (Current Cpn 30-yr)
FNMA
2.760
2.662
0.098
GNMA
2.662
2.526
0.136
Brokered CDs
3 mo
0.450
0.450
0.000
6 mo
0.550
0.550
0.000
1 yr
0.750
0.750
0.000
2 yr
1.100
1.050
0.050
3 yr
1.350
1.350
0.000
4 yr
1.550
1.550
0.000
5 yr
1.800
1.750
0.050
10 yr
2.350
2.300
0.050
6.00
1-yr Ago
0.240
0.670
1.590
1.910
2.100
2.690
-0.041
0.402
0.847
1.073
1.102
1.602
1.748
2.362
2.831
2.825
2.700
0.350
0.400
0.550
0.950
1.300
1.700
2.000
3.000
Corporate/Credit
Item
Current
Prev.
Change
Corporate CDX Index (CDS Index)
5 yr
82.980
94.448
-11.468
10 yr
102.475
108.375
-5.900
Corporate Index (A)
1 yr
1.118
1.100
0.018
2 yr
1.576
1.538
0.038
5 yr
2.420
2.370
0.050
10 yr
3.253
3.212
0.041
30 yr
4.190
4.216
-0.026
Corporate Index (BBB)
1 yr
1.648
1.628
0.020
2 yr
2.176
2.147
0.029
5 yr
3.140
3.102
0.038
10 yr
4.077
4.064
0.013
30 yr
4.926
4.985
-0.059
Industrial (A)
2 yr
1.479
1.450
0.029
5 yr
2.368
2.327
0.041
10 yr
3.247
3.213
0.034
30 yr
4.238
4.253
-0.015
Financial (A)
2 yr
1.910
1.880
0.030
5 yr
2.751
2.708
0.043
10 yr
3.612
3.573
0.039
30 yr
4.583
4.571
0.012
Utility (A)
2 yr
1.761
1.725
0.036
5 yr
2.542
2.477
0.065
10 yr
3.340
3.270
0.070
30 yr
4.208
4.172
0.036
5.00
Treasuries
Corporate (A)
Corporate (BBB)
Industrial (A)
Financial (A)
Utility (A)
5.00
4.00
3.00
2.00
1-yr Ago
63.975
87.130
0.735
1.127
2.155
3.125
4.002
1.160
1.575
2.665
3.706
4.606
1.027
2.016
2.946
3.908
1.231
2.300
3.285
4.241
1.187
2.109
2.960
3.832
Municipal Bonds
Change
Item
Current
Prev.
Municipal G.O. (AAA) MMD
1 yr
0.500
0.420
0.080
2 yr
0.640
0.610
0.030
5 yr
1.110
1.080
0.030
10 yr
1.890
1.900
-0.010
15 yr
2.330
2.350
-0.020
20 yr
2.610
2.640
-0.030
25 yr
2.800
2.840
-0.040
30 yr
2.860
2.900
-0.040
Municipal G.O. (AAA) MMD TEY 39.6%
1 yr
0.828
0.695
0.132
2 yr
1.060
1.010
0.050
5 yr
1.838
1.788
0.050
10 yr
3.129
3.146
-0.017
15 yr
3.858
3.891
-0.033
20 yr
4.321
4.371
-0.050
25 yr
4.636
4.702
-0.066
30 yr
4.735
4.801
-0.066
Equities, Commodities & Other Rates
Equities (Price Appreciation)
DJIA
17213.31 17006.77
206.54
S&P 500
2022.19
1999.99
22.20
Nasdaq
4748.47
4717.02
31.45
Commodities
Gold
1250.70
1259.25
-8.55
Oil
38.50
35.92
2.58
Other Rates
3m LIBOR
0.634
0.634
0.000
Eur/USD
1.116
1.101
0.015
USD/Yen
113.860
113.740
0.120
1-yr Ago
0.150
0.530
1.380
2.140
2.580
2.780
2.890
2.940
0.248
0.877
2.285
3.543
4.272
4.603
4.785
4.868
17895.22
2065.95
4893.29
1153.68
58.43
0.27
1.06
121.29
Treasuries
G.O. (AAA) MMD
4.00
G.O. (AAA) MMD TEY @39.6%
3.00
2.00
1.00
1.00
0.00
1-yr
2-yr
5-yr
10-yr
Source: (Bloomberg LP, MMD, RaymondJames) as of 3/14/2016
30-yr
0.00
1-yr
2-yr
5-yr
10-yr
Additional Resources: Fixed Income Weekly Primer, Index Monitor and Chartbook
30-yr
2) The author of this material is a Trader in the Fixed Income Department of Raymond James & Associates (RJA), and is not an Analyst. Any opinions expressed may differ from opinions expressed by other
departments of RJA, and are subject to change without notice.
The data and information contained herein was obtained from sources considered to be reliable, but RJA does not guarantee its accuracy and/or completeness. Neither the information nor any opinions expressed
constitute a solicitation for the purchase or sale of any security referred to herein.
This material may include analysis of sectors, securities and/or derivatives that RJA may have positions, long or short, held proprietarily. RJA or its affiliates may execute transactions which may not be consistent
with the report’s conclusions. RJA may also have performed investment banking services for the issuers of such securities.
Investors should discuss the risks inherent in bonds with their Raymond James Financial Advisor. Risks include, but are not limited to, changes in interest rates, liquidity, credit quality, volatility, and duration. Past
performance is no assurance of future results.
CDs offer FDIC insurance and a fixed rate of return whereas both principal and yield of investment securities will fluctuate with changes in market conditions. CDs are insured by the Federal Deposit Insurance
Corporation (FDIC), an independent agency of the United States government, for up to $250,000 per depositor. The coverage limit refers to the total of all deposits that an account holder(s) has at each FDICâ€
insured bank.
The DJIA (Dow Jones Industrial Average) is a priceâ€weighted index of 30 significant stocks. The S&P 500 is an index of 500 widely held securities meant to reflect the risk/return characteristics of the large cap
universe. The NASDAQ Composite Index is an index of all stocks traded on the NASDAQ overâ€theâ€counter market.
The Bloomberg U.S. Corporate Bond Indexes are comprised of the "active" (most frequently traded) fixed coupon bonds represented by FINRA TRACE, FINRA's transaction reporting facility that disseminates all
over-the-counter secondary market transactions in these public bonds.
The Markit CDX North America Investment Grade Index is composed of 125 equally weighted credit default swaps on investment grade entities, distributed among 6 sub-indices: High Volatility, Consumer, Energy,
Financial, Industrial, and Technology, Media & Tele-communications. Markit CDX indices roll every 6 months in March & September.
Ratings apply to the company's claims paying ability, and not to the safety or performance of an investment, ,and may be subject to review, revision, suspension, reduction or withdrawal at any time by the
assigning Rating Agency. No representation is made as to an insurer's ability to meet its financial commitments.
U.S. Treasury securities are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and guaranteed principal value.
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not responsible for the content of any web site or the collection or use of information regarding any web site's users and/or members.
Taxable Equivalent Yield (TEY) is a method of comparing yields of tax-exempt bonds to those of taxable bonds on a pre-tax basis. TEY is the yield required on a taxable bond to equal the yield of a tax-free bond. It
is calculated by dividing the tax-free yield by the reciprocal of the federal tax rate. The highest U.S. tax bracket of 39.6% is used in this material. While interest on municipal bonds is generally exempt from federal
income tax, it may be subject to the federal alternative minimum tax, or state or local taxes. In addition, certain municipal bonds, such as Build America Bonds (BAB), are issued without a federal tax exemption,
which subjects the related interest income to federal income tax.
Municipal Market Data (MMD) AAA generic curves evaluate non-AMT blocks of $2mln or more and assume a 10-year PAR call and a 5.00% coupon structure.
The Bloomberg U.S. municipal general obligation curve includes bonds with an average rating of AZ+ from Moody’s and S&P. The option-free yield curve is built using option-adjusted spread models. The yield
curve is comprised from contributed pricing from the Municipal Securities Rulemaking Board (MSRB), new issue calendars and other proprietary contributed prices.
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Ref. 2015-012324 until 03/30/2016
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