Archive for February, 2014
Wednesday, February 12th, 2014
Swap spreads are marginally tighter today. Ms Yellen affirmed her belief in tapering yesterday and that will mean more Treasuries coursing through dealer hands (over time) and that would tend to narrow spreads. That has led to some receiving interest. There is also some receiving based on belief that sloppy ...
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Wednesday, February 12th, 2014
The US Treasury will offer the world an opportunity to buy $24 billion brand new 10 year notes at 100PM this afternoon. I think that the issue is cheap on the curve and will attract substantial demand from traders and end users alike. On an absolute basis the issue has ...
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Wednesday, February 12th, 2014
Via Bloomberg:
Rentenbank 1 bln AAA/Aaa 5 yr Global
launched ms+11
IBRD B'Mark AAA/Aaa 2 yr Global
spread set ms -1 bp
Kommunalbanken 300mm Aaa/AAA Tap 2/2018 144A reg S
spread set 3ml+15
Republic of Turkey B'Mark Baa3/BBB- 31 yr
ipt 6.75%-6.875%
Barclays Bank PLC B'Mark A2/A 5 yr sr bank notes
ipt +110 area
HCP 300mm Baa1/BBB+ 10 ...
Posted in Uncategorized | Comments Off on Corporates Thus Far
Wednesday, February 12th, 2014
Markets are volatile and fickle. That is the nature of markets and that volatility is essential for those who want to earn a living trading. Here is an extreme example of fickleness. Turkey will sell a 31 year bond today in US dollars. It was just a little more than ...
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Wednesday, February 12th, 2014
This story was out maybe thirty minutes ago:
Via Bloomberg;
By Jeevan Jyothyprakash
Feb. 12 (Bloomberg) -- ECB’s Coeure says bank is
considering negative depo rate ‘very seriously’, Reuters reports
from summit.
* “But you should not expect too much of it,” ECB’s Coeure
says
* Don’t see deflation in euro-zone, see inflation slowly
rising back to 2%
* NOTE: ...
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Wednesday, February 12th, 2014
In my opening note a few minutes ago I related that some had doubts about the veracity of the China trade data. Here is an excerpt from the morning note of Mark Chandler at Brown Brothers which touches on that topic:
Via Mark Chandler:
China reported data that seemed, well, over the ...
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Wednesday, February 12th, 2014
Prices of Treasury coupon securities have sagged in overnight trading as a risk on appetite weighs on bond prices. In China trade numbers were quite a bit better than expected at +31.9 billion with both imports and exports surging. I have read one website which focuses on FX that questioned ...
Posted in Uncategorized | Comments Off on February 12 2014 Opening
Tuesday, February 11th, 2014
The Federal Reserve Bank of New York added my former employer TDSecurities to the list of primary dealers today.
Congratulations to all the good people at TDSecurities with whom I worked for nearly four years for their success and for the hard work which made it possible.
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Tuesday, February 11th, 2014
I have not seen one of these charts in a long time but it is a graphical representation of the price action in the equity market in the 1920s overlayed on price action here. The graphs are eerily similar. What is different is that the components of the DJIA in ...
Posted in Uncategorized | Comments Off on Deja Vu All Over Again?
Tuesday, February 11th, 2014
The Treasury will auction $30 billion 3 year notes at 100PM New York time which is the only time. The outstanding issue trades around .68 basis points and with the roll that puts the new one close to the 50 day moving average at 72 basis points. One trader friend ...
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