Archive for the ‘Uncategorized’ Category

Crowded Trade in Corporate Bonds

Wednesday, August 9th, 2017

Via Bloomberg: Record Set; Clients Hold the Most Corporate Bonds Since 1999 2017-08-09 16:55:35.338 GMT By Robert Elson (Bloomberg) -- Client allocations to corporate bonds jumped to 37.1% in the latest week vs 36.9%, according to the SMR Money Manager Survey Asset Allocation. The previous high of 37.0% was seen in June 2017 and also in August 2016. * ...

Prodigious Corporate Deal

Tuesday, August 8th, 2017

Via Bloomberg: The Smoking Hot Bond Deal of the Summer Is On Its Way: Gadfly 2017-08-08 10:20:28.782 GMT By Marcus Ashworth and Mark Gilbert (Bloomberg Gadfly) -- It's enough to give any treasurer a smoker's cough: launching the third-biggest fundraising ever during the August lull, in an industry that's been roiled by regulators, by a company that's ...

CMBS Stumble

Thursday, August 3rd, 2017

Via Bloomberg: Grocery CMBS Stumble Suggests Repricing After Amazon-Whole Foods 2017-08-03 11:56:49.192 GMT By Adam Tempkin (Bloomberg) -- Investors gained concessions on the first commercial mortgage bond backed by grocery-anchored centers since Amazon announced it was buying Whole Foods Market, suggesting a repricing of CMBS risk after that transformational deal. * Spreads on the bond, sold by Madison International ...

Only Perfect Hedge Is In a Japanese Garden

Tuesday, July 18th, 2017

This is an interesting piece from Robert Sinche at Amherst Pierpont on the changing relationship between US 10 year and Eurpean govies on a hedged basis. The US is looking less attractive.   Via Robert Sinche at Amherst Pierpont Securities: One of the persistent sources of support for US Treasury debt, particularly at ...

Delinquent CMBS Creeping Higher

Monday, July 17th, 2017

Via Bloomberg: CMBS Monthly Late-Pays Spike Most in Six Years, Still Low: Fitch 2017-07-17 15:49:57.920 GMT By Adam Tempkin (Bloomberg) -- U.S. CMBS loan delinquencies increased 22bps to 3.72% in June from 3.50% a month earlier, the largest month- over-month spike in six years, Fitch said in a statement. * This represented largest monthly increase in delinquencies since ...

Some Fed Policy Analysis

Monday, June 12th, 2017

Excellent piece via Chris Low at FTN Financial: AM Economic Comments by Chief Economist Chris Low Monday, June 12, 2017 Stocks are lower in Asia and Europe overnight and NASDAQ futures are down enough this morning to suggests Friday’s tech selloff will continue today. US 10-yr note yields were higher overnight but have fallen ...

Comments on Possible Fed Appointees

Saturday, June 3rd, 2017

Via Stephen Stanley at Amherst Pierpont Securities: The New York Times is reporting that the Trump Administration has settled on nominees for 2 of the 3 open Fed Board slots. Randall Quarles is said to be the appointee for the Vice Chair in charge of bank regulation, effectively replacing Tarullo.  His name ...

GOP Collapse in Reddest of States

Thursday, May 11th, 2017

This story is via the left wing website DailyKos (dailykos.com). I do not agree with the site's politics  but if you want a deep dive into elections it is worth a visit.   Via the DailyKos: Daily Kos Elections Morning Digest Leading Off • Special Elections: On Tuesday night, voters in two counties on the ...

Firing Comey and Trump Agenda

Wednesday, May 10th, 2017

This is an interesting collage of analyst opinions on the firing of FBI Director Comey and the impact that action will have on the Trump legislative agenda. I think the Watergate comparisons are hyperventilating hyperbole. Watergate had been a dominating  from March of 1973 and the so called Saturday Night Massacre ...

Resistance Broken

Thursday, April 13th, 2017

This is an excerpt from a piece written by Steve Feiss of Government Perspectives. The excerpt summarized dealer views on the break of resistance on the 10 year note at 2.28/2.30 and what that signals for the near term course of interest rates. If you have Twitter you can follow ...