Agency spreads move out slightly at beginning of an expected slow week

By Lisa Kerner

Charlotte, N.C., March 29 - Agency spreads tracked swaps, which widened about 1 basis point on Monday, according to one trader.

The trader noted the lack of activity, saying it was a "slow day as we coast into quarter-end."

He said he expects to see more repositioning and more activity in the next days as the quarter draws to a close.

Little is expected in the way of supply this week as the month winds down.

Federal Home Loan Banks priced several deals at par on Monday, including $50 million of 1% 1.75-year callable one time at one year notes due 2012; $50 million of 1.5% 2.75-year non-callable notes due 2012; $50 million of 1.635% 2.75-year non-callable for six months notes due 2012; and $54 million of 1.75% 2.75-year non-callable for one quarter notes due 2013.

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