Question-and-Answer Session
Operator
Thank you. We will now be conducting the question-and-answer session. (Operator Instructions)
Our first question comes from Craig Siegenthaler with Credit Suisse. Please state your question.
Craig Siegenthaler - Credit Suisse
Thanks and good morning. First question, I just want to touch on the fee waivers with Debbie, which is still quite minimum in the fourth quarter, which short-term treasuries now yielding around zero and if this yielding flattering goes down a little bit. I am just wondering, what the rest of revenues assuming, because there are a few variables that are assuming AUM more or less stays flat.
Debbie Cunningham
I think as Chris mentioned in the prepared remark, our waivers definitely have increased during the first several weeks of January compared to the end of December. Having said that, the market for treasuries is actually become a little bit more, a little less punitive let us call it in the last week and half. Just to give you some information that, that you can extrapolate that from.
During the second half of December and into the first week of January, treasury yield were in the negative [four to two] basis point range, for the majority of treasury securities that we will be purchasing and certainly our non-repo treasury fund and even to some degree in our repo treasury fund. The negative four to two basis point for the latter part in December and into the first week in January.
Treasury backed repo rates during that time period were also at zero. There are few days that were positive, but for the most part there were at zero during that time period. Last week the Fed actually had a collateral back into the system, which was what caused the office of the Feds, when they took collateral out of the system in the beginning parts of December what caused us very, very low a negative rate to a curve, they reverse that last week.
They didn't do it with any, number one, informational content associated with it to get it to going or whether was done intentionally nor they do it or follow-up with any kind of informational content that will give us an ideas to whether it was done purposely and the results were as accepted. But effectively what happened last week, when they added that collateral was, the treasury security that we said has been offered. I won't say that we've been buying, but have been offered into the marketplace at minus four to two basis point are now in a range that’s more like 4 to 14 basis point. And this shows up from the one-week to the three-month sector of the treasury curve.
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