Archive for the ‘Uncategorized’ Category

Critical Levels on Belly vs Bond

Wednesday, April 23rd, 2014

Via Bloomberg some critical spread levels versus the Bond: * Curve spreads anchored by 30Y narrowed to lowest closing levels in months, including * 5/30 to 175.8bps, lowest since Sept. 2009 * 7/30 to 119.3bps, lowest since Oct. 2009 * 10/30 to 77.7bps, lowest since Oct. 2009

Overnight Flows

Wednesday, April 23rd, 2014

Courtesy of CRT Capital OVERNIGHT FLOWS:  Treasuries were little changed overnight despite the variety of firmer data out of Europe.  Overnight volumes were near the norms with cash trading at 94% of the 10-day moving-average, while TY came in at 105% of norms. 5s were the most active issue, taking a ...

FX

Wednesday, April 23rd, 2014

Via Mark Chandler of Brown Brothers: There are two important drivers in the foreign exchange market today.   First, the euro area flash PMI was stronger than expected.  This helped lift the euro about half a cent and further cement its recovery from the dip to seven day lows yesterday.  We ...

Corporate Bonds Thus Far

Wednesday, April 23rd, 2014

Via Bloomberg: $b  CNOOC Nexen Finance (CNOOC) Aa3/AA- $    3Y  +105area $  10Y  +185area $  30Y  +170area BoC/C/CS/DB/GS/JPM/MS/UBS $b  Morgan Stanley (MS) Baa2/A-      MS 10Y  IPT +135area $tbd  Woori Bank (WOORIB) Baa3/na/na 144a/Reg-S Tier 2 sub 10Y  +212.5 area BAML/BNP/CrAg/HSBC/JPM/Nom #$1b  KfW (KFW) Aaa/AAA    HSBC/MS Global 1.5Y FRN  1ML +1 $b  Inter-American Development Bank (IADB) Aaa/AAA Global  3Y  IPT  MS ...

April 23 2014 Opening

Wednesday, April 23rd, 2014

Prices of Treasury coupons have registered very small gains in overnight trading in a session in which dealers failed to lament the lack activity as they have over the last few  sessions. The session was heavily laden with economic data and I suppose that gave investors and traders a focus. ...

Earnings Reports Today

Wednesday, April 23rd, 2014

A partial list of some of the big names reporting earnings today via MNI: US EARNINGS: Some of biggest names to report Q1 earnings near-term include: Date Company Estimate/share Apr 23 Dow Chemical Co $0.71 Apr 23 Procter & Gamble Co $1.02 Apr 23 Texas Instruments Inc $0.41 Apr 23 Apple Inc $10.16 Apr 23 E*Trade Financial ...

Overnight Data Watching

Tuesday, April 22nd, 2014

Via Pierpont Securities' Robert Sinche: AUSTRALIA: CPI report for 1Q2014. While there are 3 measures, most focus is on the Trimmed Mean index, with the BBerg consensus expecting an acceleration to 2.9%, right near the 3% top on the RBA’s preferred range. The weaker AUD (down about 15% YOY versus the ...

Merrill Lynch on 5s 30s: Overdone

Tuesday, April 22nd, 2014

I apologize for the format as I could not get this to print any other way. Think of it as an E E Cummings poem (and maybe I should have written his name in lower case). As an aside I would often quote a line from E E Cummings when ...

MBS

Tuesday, April 22nd, 2014

Mortgages are two ticks to three ticks tighter to Treasuries amidst light activity. The 3 .5s and 4s are marginally better bid then their stack cousins. Origination is light.The 15 year sector is also better versus Treasuries by 2 ticks to 3 ticks.

Bernanke Still Speaking

Tuesday, April 22nd, 2014

Via a fully paid up subscriber: *BERNANKE: FED ACTIONS DIDN'T FAVOR WALL STREET OVER MAIN STREET 13)        *BERNANKE SAYS RISKS OF INFLATION BELOW ZERO `QUITE LOW' 14)        *BERNANKE PREDICTS INFLATION TO SPEED UP TO 2% 15)        *BERNANKE SAYS NEITHER INFLATION NOR DEFLATION BIG RISK TO ...