Archive for the ‘Uncategorized’ Category
Thursday, February 16th, 2017
Via Bloomberg:
IG CREDIT: A History of Mega IG Deals
2017-02-15 19:01:26.409 GMT
By Nico Grant
(Bloomberg) -- Just two months into 2017, and there has
been one mega investment-grade deal and three more that have
come close. Investors have gotten used to issuance sizes of $15b
or more over the past two years, but it wasn’t ...
Posted in Uncategorized | Comments Off on Mega Deals
Tuesday, February 14th, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
Chair Yellen’s prepared testimony is in my view easily the most hawkish message that she has ever delivered in her tenure as Fed Chair. She stopped short of promising a rate hike in March, but she did more than enough to put March on ...
Posted in Uncategorized | Comments Off on Yellen Dissected
Monday, February 13th, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
Chair Yellen’s semi-annual monetary policy testimony is likely to be an important venue for the near-term outlook for Fed policy. The written testimony will probably be Yellen’s last scripted word before the March FOMC meeting, so if Yellen and the Committee perceive that a ...
Posted in Uncategorized | 1 Comment »
Friday, February 3rd, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
The ISM non-manufacturing survey data were broadly steady in January. The headline measure was essentially unchanged at 56.5. The new orders and production components were down 2 points and half a point respectively. In contrast, the employment gauge increased by 2 points. After a ...
Posted in Uncategorized | Comments Off on More Data Dissected
Friday, February 3rd, 2017
Via TDSecurities:
Nonfarm payrolls rose by a strong 227k in January, beating expectations (consensus: 180K, TD: 175k).
· Levels of slack broadly inched higher in January but for good reasons, as a slightly higher unemployment rate (4.78% vs 4.72%) was accompanied by a rise in labor force participation.
· ...
Posted in Uncategorized | 1 Comment »
Tuesday, January 31st, 2017
Via Bloomberg:
UST REFUNDING PREVIEW: $62b Expected; Bill Supply in Focus
2017-01-31 15:57:55.937 GMT
By Alexandra Harris
(Bloomberg) -- February refunding announcement at 8:30am ET
Wednesday may feature outlook for bill issuance, especially in
light of debt-ceiling reinstatement March 16; next week’s
auction sizes are expected to be unchanged from November
refunding ($24b 3Y, $23b 10Y, $15b 30Y).
* ...
Posted in Uncategorized | Comments Off on Refunding Preview
Monday, January 30th, 2017
Via Bloomberg:
PRICED: Microsoft Corp $17b Debt Offering Across 7 Tranches
2017-01-30 21:43:15.424 GMT
By Lisa Loray
(Bloomberg) -- Microsoft priced $17b across seven tranches.
* Tranches (Guidance, IPT)
* $1.5b 3Y (2/06/2020) at +40
* +45 (+/-5), +60a
* Optional redemption; MWC
* $1.75b 5Y (2/06/2022) at +50
* +55 (+/-5), +70a
* Optional redemption: MWC; Par call 1mo prior ...
Posted in Uncategorized | Comments Off on Microsoft Final
Monday, January 30th, 2017
Via Robert Sinche at Amherst Pierpont Securities:
JAPAN: In advance of the BOJ meeting data will be released on December IP, Household Spending and the labor market. The Bberg consensus expects another 0.3% MOM rise in IP after a 1.5% surge in November, although YOY growth would slow to 3.0%. The ...
Posted in Uncategorized | Comments Off on Overnight Data Drop
Monday, January 30th, 2017
This articles provides details on the mega multitranche ($17 billion) Microsoft offering. I think that circa 1980 the US Treasury quarterly refunding was about $6 billion per quarter.
Via Bloomberg:
LAUNCH: Microsoft Corp $17b Debt Offering Across 7 Tranches
2017-01-30 18:09:33.469 GMT
By Lisa Loray
(Bloomberg) -- Total deal size $17b across seven tranches.
* Tranches ...
Posted in Uncategorized | Comments Off on Microsoft Refunding
Monday, January 30th, 2017
Microsoft selling as many maturities as possible it seems.
Via Bloomberg:
NEW DEAL: Microsoft $Benchmark 3Y, 5Y, 7Y, 10Y, 20Y, 30Y, 40Y
2017-01-30 12:58:55.906 GMT
By Brian Smith
(Bloomberg) -- Expected to price today.
* IPT:
* 3Y (2/06/2020): +60a
* 5Y (2/06/2022): +70a
* 7Y (2/06/2024): +90a
* 10Y (2/06/2027): +100a
* 20Y (2/06/2037): +115a
* 30Y (2/06/2047): +130a
* 40Y (2/06/2057): ...
Posted in Uncategorized | Comments Off on MSFT Deal