Archive for March, 2014
Thursday, March 6th, 2014
Swap spreads are mostly unchanged today. One trader with whom I spoke responded that in the face of some massive corporate issuance spreads have not tightened much at all. He thinks that is a function of the level of rates and the mindset fostered by the Federal Reserve that the ...
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Thursday, March 6th, 2014
Via Bloomberg:
General Electric 3 bln 2 part
launched 750mm 10 yr +75
2.25 bln 30, yr +87.5
The IPT was 75/80 on the 10 year and 90 +/- 2.5 basis points.
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Thursday, March 6th, 2014
Federal Reserve Bank of New York President William Dudley sat for an interview with the Wall Street Journal this morning. He offered two noteworthy observations. He suggested that the bar to end or defer QE is quite high. Yes, we already believe that but one of the most powerful and ...
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Thursday, March 6th, 2014
Prices of Treasury coupon securities are taking a battering today as a confluence of events conspires to drive yields higher. I would place initial blame on the Bund market in which the 10 year Bund is selling off harder than the 10 Year Treasury. Some of the Treasury decline is ...
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Thursday, March 6th, 2014
Via Bloomberg:
Nedwaterschaps Bank 1.75 bln Aaa/AA+ 5 yr
launched ms +29
CF Industries, Inc. 1.5 bln (ng) Baa2/BBB- 2 part 20 & 30 yr
101% coc Put
ipt 20 yr +170-175
30 yr +187.5 area
General Electric Co B'Mark Aa3/AA+ 2 part 10 & 30 yr
ipt 10 yr +90 area
30 yr +105 area
Omega Healthcare Investors, Inc. ...
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Thursday, March 6th, 2014
Mortgages opened slightly tighter to Treasuries this morning as the sell off in the Treasury market influences rates there more than in MBS space. I have heard of some money manager selling in early trading and little else.
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Thursday, March 6th, 2014
OVERNIGHT FLOWS: Treasuries were little changed overnight ahead of the BOE and ECB meetings. Overnight volumes were mixed with cash trading at 102% of the 10-day moving-average, while TY came in at 77% of norms. 5s were the most active issue, taking a 37% marketshare, while 10s took 23%. 3s ...
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Thursday, March 6th, 2014
A fully paid up subscriber forwarded this Bloomberg story which provides a rationale for the jump in equities in Japan overnight. The story reports that a government body told the largest pension fund that it should focus less on domestic bonds and should you wage gains as its performance bogey ...
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Thursday, March 6th, 2014
Via Mark Chandler of Brown Brothers Harriman:
Second, after extending its losses on Monday, the Australian dollar's recovery has been extended and is trading near last week's highs after two incredibly strong reports. The January trade surplus was 14x larger than economists expected. The A$1.43 trillion surplus was the third consecutive ...
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Thursday, March 6th, 2014
Several major domos from the Federal Reserve will speak today and among them is Dudley of the New York Fed. He will speak this morning at 815AM New York time.
Via Bloomberg;
* 8:15am: Fed’s Dudley at Wall St. Journal event in New York
* 1:00pm: Fed’s Plosser speaks in London
* 6:00pm: Fed’s ...
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