Archive for November, 2013
Tuesday, November 26th, 2013
JPMorgan conducts a weekly survey of clients to ascertain client duration needs. Here is a view of the latest survey courtesy of Bloomberg.
RATES: Active Client Neutrals Highest Since Oct. 21., JPM Says
2013-11-26 12:28:35.782 GMT
By James Holloway
Nov. 26 (Bloomberg) -- The JPMorgan Treasury Active Client
Survey for the week ended Nov. 25 ...
Posted in Uncategorized | Comments Off on JPMorgan Survey
Tuesday, November 26th, 2013
If the 5 year note auction later today produces a result with a yield between 1.375 and 1.499 then the Treasury will reopen an old 7 year note issued two years ago,the 1 3/8 November 30 2018. There are $30.4 billion outstanding of which the Federal Reserve owns 54.5 percent. ...
Posted in Uncategorized | Comments Off on Esoteric Auction Point
Tuesday, November 26th, 2013
The Euro traded up to 1.3570 versus the mighty greenback in overnight trading as officials in China offered Euro supportive comments. Here is some commentary from Mark Chandler at Brown Brothers on the topic.
Via Brown Brothers:
The euro rose to a four-session high just above $1.3570, helped by supportive comments from ...
Posted in Uncategorized | Comments Off on Euro Strength
Tuesday, November 26th, 2013
Prices of Treasury coupon securities have registered modest gains in overnight trading. The yield curve has flattened with 5s 10s 0.8 basis points narrower at 138.9 basis points and 5s 30s also 0.8 basis points flatter at 247.8. The 10 year has richened versus the wings by 0.9 basis points ...
Posted in Uncategorized | Comments Off on November 26 2013 Opening
Tuesday, November 26th, 2013
Here is an excerpt from a Bank of America Merrill Lynch piece on credit market supply. Issuance should shut down for Thanksgiving and then pick up again early in December. Issuance for the year stands at $973 billion and the Bank of America analyst predicts we finish the year above ...
Posted in Uncategorized | Comments Off on Credit Markets
Monday, November 25th, 2013
Corporate bond spreads are about 2 basis point to 3 basis points tighter across most sectors today. There is some supply but mostly what I would refer to as second and third tier names such as an entity called Yapi Kredi which did a chunk of 5 years at mid ...
Posted in Uncategorized | 1 Comment »
Monday, November 25th, 2013
As I have mentioned here before I receive a treasure trove of stuff from dealers. This morning I received a note from Ian Lyngen of CRT Capital. He developed some interesting themes regarding the auction supply this week and the 2 year note today in particular and what follows is ...
Posted in Uncategorized | Comments Off on More on 2 Year Note Auction
Monday, November 25th, 2013
MBS 2 ticks to 3 ticks tighter versus Treasuries . Flow in that sector is extremely light according to participants with whom I conversed.
The Treasury market is also boring and the market has recovered from the overnight decline. There is supply this week from the Treasury and the 2 year ...
Posted in Uncategorized | Comments Off on Miscellany
Monday, November 25th, 2013
Swap spreads are mixed today following a widening episode on Friday when I was not here at Across the Curve.com global headquarters, a palatial edifice on Long Island's non Gatsby coast. One trader noted that there was support for spreads at 3 and spreads failed to breach that level Friday. ...
Posted in Uncategorized | Comments Off on Swap Spreads
Monday, November 25th, 2013
Here is a link to a very long post at FT Alphaville regarding reasons why the FOMC might not reduce IOER. Thanks to a fully paid up subscriber for the heads up.
Posted in Uncategorized | Comments Off on IOER Cut Doubts Via FT