Archive for June, 2014

Supremes and ObamaCare and Ist Amendment

Monday, June 30th, 2014

I mentioned this morning that the Supreme Court would announce its decision in a challenge to the ObamaCare mandate which required employers to provide contraceptive services to all female employees. Hobby lobby is a crafts firm owned by evangelicals with deeply held beliefs and the owners of that firm objected ...

Research Roundup

Monday, June 30th, 2014

Via Bloomberg: By Monika Grabek and Erin Roman June 30 (Bloomberg) -- Strategist views on UST yields and curve spreads from published research: * BofAML * Price action after next week’s key data releases “should reflect positioning and whether the long duration buying needs have largely been satisfied,” strategists led by Priya Misra write in June 27 report * ...

Swap Spreads

Monday, June 30th, 2014

Swap spreads are mixed today. Two year spreads are unchanged while five year spreads are 1/2 basis point tighter. Ten year spreads are 3/4 tighter and bond spreads have narrowed a full basis point. One market maker said that corporate issuance was aiding the narrowing of spreads. He also thought that ...

Corporate Bond list

Monday, June 30th, 2014

Via good folks at Bloomberg: THE Goldman Sachs Group Baa1/A-  2 PART    10 & 30 yr 3 & 6 mo par calls prior respectively ipt 10 yr +140-145 30 yr +155-160 Oracle Corp B'Mark A1/A+ 6/7 part 3 yr frn, 5.25 fxd and/or frn, 7 yr, 10 yr,20 yr & 30 yr par calls prior 3 ...

Protecting Ms Yellen

Monday, June 30th, 2014

I saw this on Twitter earlier and do not know who to credit for the heads up. It is a fascinating story of how Ms Yellen's security detail has upset the fragile equanimity of the community in which she and her husband live. Via the WSJ: Security Detail for Fed Chairwoman Irks ...

Treasury market Update

Monday, June 30th, 2014

The Treasury market is very quiet (except for the front end which is seeing some quarter end window dressing) and the long end is leading the gentle uptrade. The curve is a tad flatter than it was when I first checked spreads at 600AM New York time. At the moment ...

Goldman Sachs Deal(s)

Monday, June 30th, 2014

Via Bloomberg: THE Goldman Sachs Group Baa1/A-  2 PART    10 & 30 yr 3 & 6 mo par calls prior respectively ipt 10 yr 140-145 30 yr +155-160 asap

MBS

Monday, June 30th, 2014

Mortgages are opening 1 to 1+ ticks tighter to Treasuries. There was some overnight overseas buying of the product. One dealer notes that the Fed will buy twice today ($2.075 billion) and that flow should trump whatever origination flow there is.

FX

Monday, June 30th, 2014

Via Mark Chandler at brown Brothers Harriman: Price action:  The dollar is mixed against the majors as we start off an eventful week.  SEK is outperforming against the dollar, while NOK is underperforming.  The euro continues to claw higher, with the 200-day MA coming up near $1.3675.  Cable remains above the ...

Employment Report Factoid

Monday, June 30th, 2014

Via CRT Capital: Nonetheless, the employment report will be the most compelling event of the week, although arguably second to Thursday’s early close.  For historical context, the July release of June’s data tends to be a disappointing one.  Since 1997, the July release has come in below consensus 71% of occurrences ...