Archive for the ‘Uncategorized’ Category

Commercial Mortgages at Risk

Wednesday, April 5th, 2017

Via Bloomberg: Ratings Shopping Haunts Commercial Mortgage Bonds as Risks Rise 2017-04-05 10:00:01.0 GMT By Matt Scully and Adam Tempkin (Bloomberg) -- Only a decade ago, global investors got a hard lesson about the dangers of relying on rosy bond ratings. Now they’re getting a reminder -- this time in frothy corners of the $528 billion U.S. ...

FX

Wednesday, April 5th, 2017

Via Marc Chandler at Brown Brothers Harriman: Dollar Mixed on Hump Day The US reports weekly mortgage applications, ADP employment, Markit services and composite PMI readings, and the ISM non-manufacturing PMI FOMC minutes will be released Eurozone and UK services and composite PMIs were reported Polls suggest that Le Pen fared ...

FX

Tuesday, April 4th, 2017

Via Marc Chandler at Brown Brothers Harriman: US PMI report yesterday certainly supports the notion that price pressures are rising and the labor market is tightening During the North American session, the US reports February trade and factory orders RBA kept policy steady overnight, as expected; its statement was ...

Corporate Bond Stuff

Tuesday, April 4th, 2017

Via Bloomberg: Lowest IG Trading Volume in 6 Weeks; Spreads Steady 2017-04-04 09:55:47.330 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $13.5b vs $19.5b Friday, $13.9b last Monday. It was the lowest trading volume since $13.46b on Feb. 17. * 10-DMA $17.7b; 10-Monday moving avg $16.3b * 144a trading added $2b ...

Credit Pipeline

Tuesday, April 4th, 2017

Via Bloomberg: IG CREDIT PIPELINE: GMKNR to Price; Glaxo Files, SANTAN Mandate 2017-04-04 09:39:20.133 GMT By Robert Elson (Bloomberg) -- Monday saw a lackluster start to the week with 5 deals totaling $2.75b. Today should be better, moving toward the $15b-$20b expected to price this week. Set to price today: * Norilsk Nickel (GMKNR) Ba1/BBB-, to price $benchmark 144a/Reg-s ...

Credit Pipeline

Monday, March 27th, 2017

Via Bloomberg: IG CREDIT PIPELINE: KEB to Price, Solid Issuance Week Expected 2017-03-27 09:33:48.225 GMT By Robert Elson (Bloomberg) -- 84% of dealers and clients in a Bloomberg News poll expect IG issuance to total at least $20b this week. 50% think it will be over $25b; 16% over $30b. At least 2 industrial deals were held ...

FX

Monday, March 27th, 2017

Via Marc Chandler at Brown Brothers Harriman: Macro Drivers as Q1 Winds Down Trump's economic agenda is called into question following the inability to replace the national health care The eurozone may report the first slowing in headline CPI in seven months.  Core CPI languishes a little above the 0.6% trough ...

TIPS Commentary

Tuesday, March 21st, 2017

This is an interesting (to me) bit of commentary from ian Lyngen and Aaron Kohli at RBC. This is a amll excerpt from their end of day note: The other big move on the day was the failed attempt by breakevens to improve and the fact that almost all major breakeven ...

Liquidity Issues in China?

Tuesday, March 21st, 2017

Via Bloomberg: PBOC Said to Inject Liquidity After Interbank Payments Missed 2017-03-21 10:33:19.211 GMT By Bloomberg News (Bloomberg) -- China’s central bank injected hundreds of billions of yuan into the financial system after some smaller lenders failed to repay borrowings in the interbank market, according to people familiar with the matter. Tuesday’s injections followed missed interbank payments on Monday, ...

FX

Monday, March 20th, 2017

Via Marc Chandler at Brown Brothers Harriman; Drivers for the Week Ahead Recent developments have given rise to doubts over the divergence theme, which we suggested have shaped the investment climate The G20 statement diluted the commitment to avoid protectionist trade measures Both German members on the ECB talk in ...