Archive for January, 2014
Wednesday, January 15th, 2014
The Treasury market has rallied over the course of the afternoon and is still lower on the day but quite marginally so. The curve flattened from early in the morning but has stabilized since and the recovery is uniform across the curve (beyond 5 year point). Several participants with whom ...
Posted in Uncategorized | Comments Off on Midafternoon Miscellany
Wednesday, January 15th, 2014
Here are the details on the Bank America multi tranche deal pricing.
Via Bloomberg:
Bank of America 6.125 bln 4 part
launched 5-yr Fixed: $1.25Bn at T+ 87
5-yr FRN: $400mm at 3ML+ 78
10-yr: $2.5Bn at T+ 125
30-yr: $2.0Bn at T+ 120
B
Posted in Uncategorized | Comments Off on Not Exactly an Odd Lot
Wednesday, January 15th, 2014
My previous post was a duration note on the short position reflected in the Stone McCarthy Survey. Bloomberg News is also carrying a story about this survey and this report notes that portfolio allocations to corporate bonds is just shy of an all time high.
Via Bloomberg News:
IG CREDIT: Allocations to ...
Posted in Uncategorized | Comments Off on More Stone McCarthy
Wednesday, January 15th, 2014
Stone McCarthy is an economics forecasting and research firm which runs a duration survey similar to the JPMorgan survey I publish here every Tuesday. Courtesy of David Ader at CRT Capital I have the results of the latest survey and it is 96.6 percent. According to Ader' s note that ...
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Wednesday, January 15th, 2014
Swap spreads are wider today but have narrowed somewhat from their widest levels. The 5 year spread traded as wide as 10.25 but has since narrowed to 9.50. There is an interesting dynamic tension at work in the swap market. On the one side you have fast money traders actively ...
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Wednesday, January 15th, 2014
Via Bloomberg :
Bank of America Corporation B'Mark Baa2/A- 3 part
5-year Re-opening (BAC 2.6 1/19) / 10-year / 30-year
asap
ipt 95a/ 140a/ 130a
IPT equals Initial Price Talk for the unintiated
Posted in Uncategorized | Comments Off on B of A Issuance
Wednesday, January 15th, 2014
The euphoria which suffused the fixed income market on Friday is rapidly fading. Moments before the labor report printed on Friday the 10 year changed hands at 2.95 percent after bouncing off the 3 percent level earlier last week. We rallied to 2.82 so at the current 2.90 we have ...
Posted in Uncategorized | Comments Off on Treasury Market: Unwinding the Unwind
Wednesday, January 15th, 2014
Mortgages are quiet today after finishing several ticks wider to Treasuries yesterday.. One dealer noted that the product is in bit of a no man's land as the market makes up its mind about the near term course of interest rates. The same trader noted that for now clients were ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, January 15th, 2014
These deals are in the pipeline already and waiting to price sometime today.
And a thanks to my friends at Bloomberg First Word for the info:
$b KfW (KFW) Aaa/AAA Barc/GS/MS
Global 5.25Y MS +10 area
$tbd Bank of Baroda (BOBIN) Baa3/na/BBB-
144A/Reg-S 5.5Y +330 area BAML/Barc/C/JPM/SCB
$tbd Korea National Oil (KOROIL) A1/A+ 144A/Reg-S
$m ...
Posted in Uncategorized | Comments Off on Corporate Issuance
Wednesday, January 15th, 2014
This was out yesterday and I did not see it. The World Bank is forecasting that the global economy is finally emerging from the financial torpor which followed the financial crisis and the Bank forecast global growth of 3.2 percent in 2014 versus 2.4 percent in 2013.
Posted in Uncategorized | Comments Off on World Bank View on Global Growth