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Archive for the ‘Uncategorized’ Category
Corporate ETFs and Risk Appetite
Wednesday, January 24th, 2018Via Bloomberg : Bond ETFs Awash in Pain May Be Red Flag for Risk Appetite (1) 2018-01-22 14:56:05.415 GMT By Dani Burger and Sid Verma (Bloomberg) -- U.S. corporate debt exchange-traded funds have bled a near-historic sum of assets over the past two weeks, but holders of the underlying securities are paying little heed. The bonds themselves ...
Margin Debt
Thursday, December 28th, 2017Via Bloomberg; Margin Debt Ratio at NYSE Rises To Most Speculative Since 2003 2017-12-28 14:07:01.421 GMT By Bloomberg Automation (Bloomberg) -- Net debt in New York Stock Exchange customer margin accounts rose to 1.03 percent of companies’ market capitalization in November, the most in data going back to 2003 and a signal that traders became more speculative. * ...
Nary a Whiff of Inflation Here
Saturday, October 14th, 2017Via Bloomberg: Cleveland Fed Oct. 10Y Inflation Expectations Rose to 1.89% 2017-10-13 18:11:10.646 GMT By Alex Tanzi (Bloomberg) -- Suggests inflation expectations of less than 2% on average over the next decade, according to the Cleveland Fed. * One year inflation expectation at 1.95% v 1.74% a year ago * 5Y inflation expectation at 1.81% v 1.59% a ...
Credit Alert in Big Bank Earnings
Thursday, October 12th, 2017Via Bloomberg: Bad Omen for Bad Debt in U.S. Bank Earnings 2017-10-12 12:30:38.544 GMT By Laura J. Keller (Bloomberg) -- Increases for bad-debt provisions could end up being a theme this earnings season for big U.S. banks. Citigroup’s provision for credit losses rose 15 percent to $2 billion in the latest quarter, more than expected. Earlier, JPMorgan reported ...
Crowded Trade in Corporate Bonds
Wednesday, August 9th, 2017Via 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, 2017Via 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, 2017Via 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, 2017This 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 ...