Archive for the ‘Uncategorized’ Category
Wednesday, November 30th, 2016
Via TDSecurites:
§ Given the 50bp move higher in rates over the last few weeks, we analyze MBS convexity risks. Even though the structure of the mortgage market has changed significantly from the pre-crisis period due to Fed ownership and GSE conservatorship, we think that there are still some holders of ...
Posted in Uncategorized | Comments Off on Convexity Crowd Crazed
Tuesday, November 29th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Comes Back Mostly Firmer, but Focus is Elsewhere
The dollar is firmer but confined to yesterday's ranges
The focus today is on OPEC, which is struggling to reach an agreement and South Korea, where the President is offering to resign to avoid impeachment
...
Posted in Uncategorized | Comments Off on FX
Tuesday, November 29th, 2016
Via Bloomberg:
IG CREDIT: 3rd Highest Monday Volume on Record
2016-11-29 11:12:33.741 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.9b vs $1.6b Friday, $16.5b last Monday. It was the
3rd highest Monday session volume since record keeping began in
2005.
* 10-DMA $15.6b; 10-Monday moving avg $15b
* 144a trading added ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Tuesday, November 29th, 2016
Via Bloomberg:
By Robert Elson
(Bloomberg) -- Set to price today:
* BPCE SA (BPCEGP) A2/A, to price $benchmark 2-part deal, via
managers GS/HSBC/MS/Natix/RBC
* 5Y, IPT +115 area
* 10Y, IPT +140 area
* Rentenbank (RENTEN) Aaa/AAA, to price $benchmark Global 5Y,
via Barc/HSBC/RBC/Sco; guidance MS +32 area
* In the 2 weeks following Thanksgiving 2015, $65b was ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, November 28th, 2016
Via WSJ:
How to Kill the Volcker Rule? Don’t Enforce It
Big banks hoping a Trump administration will defang one of Dodd-Frank’s most-controversial pieces
News
By
Ryan Tracy and
John Carney
Nov. 28, 2016 5:30 a.m. ET
Big banks spent years railing against the so-called Volcker rule, which bars them from making wagers with ...
Posted in Uncategorized | Comments Off on Just Don’t Enforce It (and Best Acronym RENT-D)
Monday, November 28th, 2016
Via Bloomberg:
Whiff of Danger in Bank Stocks Returning $300 Billion in 25 Days
Lu Wang luwangnyc
November 28, 2016 — 5:00 AM EST
Group’s market value on course for record monthly increase
Little sign of fear in bank ETF’s options, short interest
Optimism is higher than ever on a ...
Posted in Uncategorized | Comments Off on Cautious View on Bank Stocks
Monday, November 28th, 2016
Via Bloomberg:
Chiara Albanese chiaraalbanese
John Follain JohnFollain
November 28, 2016 — 12:00 AM EST
Investors reeling from democratic shocks in Britain and the U.S. are worried about Italy’s future in Europe’s monetary union. They’re concerned that a defeat for Prime Minister Matteo Renzi in the Dec. 4 constitutional-reform ...
Posted in Uncategorized | Comments Off on Italian Referendum and the Euro
Monday, November 28th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: Dealers Expect Over $20b of Issuance
2016-11-28 10:26:24.814 GMT
By Robert Elson
(Bloomberg) -- 69% of dealers and clients, in a Bloomberg
survey, expect IG issuance to exceed $20b this week; 33% expect
more than $25b, 10% over $30b.
* $65b priced in the 2 weeks following Thanksgiving last year;
in the week ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, November 28th, 2016
Via Bloomberg:
IG CREDIT: Lowest Trading Volume Since Christmas Eve
2016-11-28 10:43:15.144 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $1.6b Friday vs $8.4b Wednesday, $15.6b the previous
Friday. It was the lowest volume session since $990m on Dec. 24.
* 10-DMA $15.8b; 10-Friday moving avg $12b
* 144a trading added ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Monday, November 28th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
There is growing confidence that the Federal Reserve will hike rates next month, and more next year
This week's US data is unlikely to alter views but may strengthen the appreciation of the solid economic performance since struggling ...
Posted in Uncategorized | Comments Off on More FX