Archive for September, 2014

ECB Purchases

Tuesday, September 30th, 2014

Via a fully paid up subscriber: ECB to Propose Buying Lower-Rated Greek, Cypriot Assets, FT Says  11:28 Financial Times cites people familiar with the matter as saying ECB Executive Board will propose that existing requirements on the quality of assets accepted are relaxed to allow purchases of senior tranches of Greek and Cypriot asset-backed securities in ABS ...

Consumer Confidence

Tuesday, September 30th, 2014

Via Gennadiy Goldberg at TDSecurities: Consumer confidence declined substantially in September according to the Conference Board survey, falling to 86.0 from an upwardly revised 93.4 last month – its lowest level since May. The decline appears to have been broad-based, with the current conditions index declining to 89.4 from 93.9 and ...

Chicago PMI

Tuesday, September 30th, 2014

Via Millan Mulraine at TDSecurities: US manufacturing sector momentum weakened in September, with the Chicago PMI falling at a faster than expected pace to 60.5 from 64.3 the month before. This was a bigger drop than the market consensus for a decline to 62.0. However, despite the drop this indicator is ...

Swap Spreads

Tuesday, September 30th, 2014

Swap spreads are unchanged to 1/4 tighter across the curve. I have heard of algorithmic types receiving in the belly. There is a 5 year World Bank deal and there is expectation that the deal will be swapped.

Corporate Spreads

Tuesday, September 30th, 2014

Long dated bank and finance paper  is opening 2 basis points to 3 basis points tighter this morning. The IG 22 is tighter by 2 1/4 at 64 1/4 64 3/4.

IG issuance

Tuesday, September 30th, 2014

Via Bloomberg: IG CREDIT: Two to Price; Sept. Highest Monthly Volume YTD 2014-09-30 11:33:30.97 GMT By Lisa Loray Sept. 30 (Bloomberg) -- No deals priced yesterday, two are expected to price today. * Including today’s issuance, Sept. will be the most active month YTD * IG calendar; DEXGRP, IBRD to price * Secondary volume improved; credit indices continue to ...

JPM Duration Survey

Tuesday, September 30th, 2014

All Clients     Long        Neutral         Short Sept 29              17             48                35 Sept 22               15              47               38 Sept 15               13               45              42 Actives Sept 29               8               50              42 Sept 22                8              38              54 Sept 15               8                23              69   In the all clients survey, the percent of longs increased by 2, the percent of neutrals increased by 1, and the percent ...

Lehman Bankruptcy Revisited

Tuesday, September 30th, 2014

This is a NYTimes article (interesting and very long) which revisits the demise of Lehman Brothers (an investment firm which failed six years ago and nearly brought down the Western financial system) and whether or not the Fed could have arranged some sort of marriage or bailout to save it.

What to Watch Today

Tuesday, September 30th, 2014

Via Bloomberg: WHAT TO WATCH: * (All times New York) Economic Data * 9:00am: ISM Milwaukee, Sept., est. 61 (prior 59.63) * 9:00am: S&P/Case Shiller Home Priced m/m, July, est. 0.0% (prior -0.2%) * S&P/CS Composite 20 y/y, July, est. 7.4% (prior 8.10%, revised 8.07%) * S&P/CS Composite Index NSA, July, est. 174.45 (prior 172.33) * 9:45am: Chicago Purchasing Manager, Sept., ...

Secondary Market Corporate Bond Trading Yesterday

Tuesday, September 30th, 2014

Via Bloomberg: IG CREDIT: Volume Higher, Spreads Wider; NIPLIF Plans Meetings 2014-09-30 09:37:13.380 GMT By Robert Elson Sept. 30 (Bloomberg) -- The final Trace count for secondary trading was $14b vs $12.5b Friday and $10.6b the previous Monday. 10-DMA $13.5b; 10-DMA of only Friday sessions $9.2b. * 144a trading added another $2.1b of IG volume * BAC 2.65% ...