Archive for March, 2014
Tuesday, March 11th, 2014
Via Bloomberg:
March 11 (Bloomberg) -- The JPMorgan Treasury Client Survey
for the week ended March 10 vs week ended Mar 3.
• Longs at 15 vs 17
• Neutrals 59 vs 62
• Shorts 26 vs 21
• Net longs -11 vs -4
• "The all clients survey shows the lowest ...
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Tuesday, March 11th, 2014
An excerpt from the morning note of Mark Chandler at Brown Brothers:
The US dollar is a little better bid today most of the major currencies, as the downside momentum seen last week has faded, and a consolidative phase has emerged. We suspect it will morph into a deeper correction. The ...
Posted in Uncategorized | Comments Off on FX Insights Via Mark Chandler
Tuesday, March 11th, 2014
In the series of storms which engulfed the fixed income markets in September 2008 the most virulent was the failure of the money markets to functions. It was as if someone had thrown sand in the gears of that crucial market sector. Every player suspected that every other counterparty was ...
Posted in Uncategorized | Comments Off on From the Quis Custodiet Ipsos Custodes Department
Tuesday, March 11th, 2014
Prices of Treasury coupon securities are mixed in overnight trading. Yields on most benchmark issues are posting small mixed changes relative to levels which prevailed at 330PM yesterday in New York trading. The belly of the curve has suffered in that time frame. The yields on the 2 year note ...
Posted in Uncategorized | Comments Off on March 11 2014 Opening
Monday, March 10th, 2014
Bank of America Merrill Lynch conducts an internal survey of credit and debit card transactions ex gasoline to track retail sales. In the latest installment the firm reports that retail sales rebounded in February as the weather waxed and waned warmer but the rebound was quite meek. Sales even declined ...
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Monday, March 10th, 2014
Mortgages had a grinding bid all day and 30s finished 3 ticks tighter to Treasuries and 15 s traded 1 tick tighter. Origination activity was light. The Federal Reserve was the principal buyer as end user retail is doing the Dusty Springfield (wishing and hoping and praying for lower prices).
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Monday, March 10th, 2014
Swap spreads are for the most part 1/4 basis point tighter today. There is once again a large corporate calendar and the expectation is that much of that will generate a round of receiving. In addition, the Treasury refunding this week has some believing that spreads will tighten into that ...
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Monday, March 10th, 2014
In baseball there is a play called a delayed steal in which the the team on offense hopes to catch the defense off guard. I think that is what we have in the bond market today. The Treasury market was well bid in Asian as weak data in Japan and ...
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Monday, March 10th, 2014
Via Bloomberg:
Monday - Mar 10
$ Petrobras Global Finance (PETBRA) Baa1/BBB $ 3Y FRN IPT 3ML +246 JPM/BoC
$ 3Y IPT +260 ...
Posted in Uncategorized | Comments Off on Flood of Corporates
Monday, March 10th, 2014
I had saved this paper for several weeks as a fully paid up subscriber forwarded it to me back then. I procrastinated and never wrote any commentary on it. I thought it would be appropriate to send it out today following the Hilsenrath article as it is a very detailed ...
Posted in Uncategorized | Comments Off on More on Reverse Repo as a Policy tool