Archive for the ‘Uncategorized’ Category


Monday, February 22nd, 2021

four score and seven years ago our forefathers

Monday, February 22nd, 2021


Corporate ETFs and Risk Appetite

Wednesday, January 24th, 2018

Via 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, 2017

Via 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, 2017

Via 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, 2017

Via 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, 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 ...