“I thought putting together a translation of index speak to single name trader responses would be helpful. Here is what I have found so far:”
|
Index trader
|
Single name
|
|
Done
|
Oh, that was more of an indication than a market, but I could take an order in that context.
|
|
Done
|
Oh, um, I’ve already been hit there, so can’t take any more, but I’d be happy to take an order.
|
|
Done
|
Yeah, well, I know it was offered there on the run, but it’s a tough bond to short, so I could take an order there.
|
|
Done
|
Nah, sorry that run is old, I know two minutes might not seem like long to you but this market is choppy, so I’d have to refresh.
|
|
Done
|
Nah, that bid’s not good, market really heavy, nothing but sellers. Oh, you were looking for my offer? Oh, um, like I said, in spite of the overall market being a bit weak, that bond is well bid, I definitely can’t improve on the offer, and I’m not even sure I can really repeat the offer. Repeat. Um, tell them I’m off the desk.
|
|
Done
|
Yeah, I know the bid looks good, but I’m actually a seller as well, we are working on a buyer. I’d be happy to sell yours too if the buyer comes in.
|
|
Done
|
Yeah, I know the offer looks good, but I’m actually a buyer too, if I can get something done, I’ll let you know.
|
UBS’s index trader turned single
name specialist Peter Tchir shares his thoughts on his new beat in an email to clients last month.


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