Archive for March, 2014
Wednesday, March 19th, 2014
I found this courtesy of Bill O Donnell of RBS Securities who cited this in his note to clients. Meterologists are positing another wintry blast and another polar vortex next week. A website with the cool name whatsupwiththat.com is forecasting temperatures 20 degrees (F) below normal and the coldest opening ...
Posted in Uncategorized | Comments Off on Weather Effects To Continue into Spring
Wednesday, March 19th, 2014
Prices of Treasury coupon securities are registering very small mixed changes in an atmosphere in which the markets await Janet Yellen' Godot. The 2 year note and 3 year note have experienced small increases in yield compared to where I marked the issues at 100PM yesterday and 900PM last evening. ...
Posted in Uncategorized | Comments Off on March 19 2014 Opening
Tuesday, March 18th, 2014
Hilary Clinton is the leader in the polls for the right to succeed Barack Obama in 2016 as she prevails over all putative GOP challengers. Notwithstanding that advantage and what would be more than a quarter century on the national stage by 2016, the WSJ reports that some of Mrs ...
Posted in Uncategorized | Comments Off on Some Hilary Advisers Counsel Against a 2016 Race
Tuesday, March 18th, 2014
Merrill Lynch research reports that real retail ( Mom and Pop in Hicksville and Levittown) have returned to high grade bond funds with an inflow of $9.7 billion in February versus an inflow of $2.9 billion in January.
Via Merrill Lynch Research:
Retail money finally re-embraces duration. Inflows into US high grade ...
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Tuesday, March 18th, 2014
Hungary just priced a chunky bond deal and given what is transpiring in that neck of the woods it is amazing that they could do this without much fanfare. Via Bloomberg the gory details:
Republic of Hungary 3 bln. 2 part
Priced 1 bln 5 year +260
2 bln 10 year +287.5
Here is ...
Posted in Uncategorized | Comments Off on Miscellany
Tuesday, March 18th, 2014
I have written constantly yesterday and today about how quiet it is. I just received the end of day note from David Ader of CRT and he confirms what market participants have related to me anecdotally. Treasury volumes today were 75 percent of the 10 day moving average.
Via David Ader ...
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Tuesday, March 18th, 2014
The Treasury market has rebounded following an earlier sell off as reports of conflict between Russian troops and Ukranian troops sparked buying. Dealers with whom I speak continue to report very light activity from clients. One seasoned prop trader noted that the JPM survey this morning was still short and ...
Posted in Uncategorized | Comments Off on Treasury market Update
Tuesday, March 18th, 2014
Attached is a Bloomberg story on a speech by Bank of Canada Governor Stephen Poloz. He is speaking about secular stagnation and a slow Q1 north of the 49th parallel. That has given $Cad a bid.
Poloz Says Secular Stagnation May Curb Growth and Interest Rates
2014-03-18 15:40:00.521 GMT
By Theophilos Argitis and ...
Posted in Uncategorized | Comments Off on On the Wings of a Dove
Tuesday, March 18th, 2014
Via Bloomberg:
Kingdom of Sweden B'Mark Aaa/AAA 3 yr 144A Reg S
final spread ms -3 bps
Macquarie Bank A2/A 3 yr fxd and/or frn 144A Reg S
ipt 3 yr fxd +95 area
frn 3ml equiv
Skandinaviska Enskilda Banken AB B'Mark A1/A+ 5 yr 144A NO Reg Rts Reg S
ipt +90-95
Oklahoma Gas & Electric Co ...
Posted in Uncategorized | Comments Off on Today’s Corporate List Thus Far
Tuesday, March 18th, 2014
Bond Prices have declined since I first marked them about 630AM. I think the proximate cause of the decline in price is that Mr Putin in his speech this morning did not intimate that the rest of the Ukraine was on his list of territory to be acquired soon. That ...
Posted in Uncategorized | Comments Off on Treasury market update