Archive for the ‘Uncategorized’ Category

Credit Pipeline

Monday, March 27th, 2017

Via Bloomberg: IG CREDIT PIPELINE: KEB to Price, Solid Issuance Week Expected 2017-03-27 09:33:48.225 GMT By Robert Elson (Bloomberg) -- 84% of dealers and clients in a Bloomberg News poll expect IG issuance to total at least $20b this week. 50% think it will be over $25b; 16% over $30b. At least 2 industrial deals were held ...

FX

Monday, March 27th, 2017

Via Marc Chandler at Brown Brothers Harriman: Macro Drivers as Q1 Winds Down Trump's economic agenda is called into question following the inability to replace the national health care The eurozone may report the first slowing in headline CPI in seven months.  Core CPI languishes a little above the 0.6% trough ...

TIPS Commentary

Tuesday, March 21st, 2017

This is an interesting (to me) bit of commentary from ian Lyngen and Aaron Kohli at RBC. This is a amll excerpt from their end of day note: The other big move on the day was the failed attempt by breakevens to improve and the fact that almost all major breakeven ...

Liquidity Issues in China?

Tuesday, March 21st, 2017

Via Bloomberg: PBOC Said to Inject Liquidity After Interbank Payments Missed 2017-03-21 10:33:19.211 GMT By Bloomberg News (Bloomberg) -- China’s central bank injected hundreds of billions of yuan into the financial system after some smaller lenders failed to repay borrowings in the interbank market, according to people familiar with the matter. Tuesday’s injections followed missed interbank payments on Monday, ...

FX

Monday, March 20th, 2017

Via Marc Chandler at Brown Brothers Harriman; Drivers for the Week Ahead Recent developments have given rise to doubts over the divergence theme, which we suggested have shaped the investment climate The G20 statement diluted the commitment to avoid protectionist trade measures Both German members on the ECB talk in ...

FX

Thursday, March 16th, 2017

Via Marc Chandler at Brown Brothers Harriman: Greenback Consolidates Losses as Yields Stabilize The Fed hike and Dutch election were not very surprising; the surprise of the day was China The BOJ, SNB, and Norges Bank stood pat; the focus shifts to the BOE AUD and NZD are under some ...

Debt Ceiling Primer

Wednesday, March 15th, 2017

Via Stephen Stanley at Amherst Pierpont Securities: In addition to the Ides of March and Fed day, today is also the day that the current debt ceiling “expires.”  Here’s a brief explanation of what is happening today and what it means.  This might be worth filing away somewhere because this will ...

Firm PPI Dissected

Tuesday, March 14th, 2017

Via Stephen Stanley at Amherst Pierpont Securities: The PPI was firmer than expected in February, rising by 0.3% for both the total and core indices.  This comes on top of a +0.6%/+0.4% performance in January.  Energy prices were somewhat firmer than I had anticipated at the wholesale level, rising by 0.6%, ...

Subprime Auto Losses

Friday, March 10th, 2017

Via Blooomberg: U.S. Subprime Auto Loan Losses Reach Highest Level Since Crisis 2017-03-10 19:55:03.994 GMT By Matt Scully (Bloomberg) -- U.S. subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings. Losses for the loans, ...

FX

Friday, March 10th, 2017

Via Marc Chandler at Brown Brothers Harriman: US Jobs Data - Deja Vu All Over Again? Many seem to recognize the risks of long dollar positions today going into the jobs report Euro short covering spark came from Draghi, who made it clear that the ECB's risk assessment was shifting toward ...