Archive for March, 2014
Thursday, March 6th, 2014
Prices of Treasury coupon securities registered very small losses in overnight trading as the Ukraine remains placid and investors await the economic triumvirate of Bank of England and ECB decisions and the US labor report tomorrow. The yield on the benchmark 10 year note climbed 0.7 basis points (from 715PM ...
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Wednesday, March 5th, 2014
I was away from acrossthecurve.com's sprawling headquarters for much of today so I was not following markets closely. I have read some emails and it seems like it was a good day to be away from the markets as the markets traded in an exceedingly narrow range. I am surprised ...
Posted in Uncategorized | Comments Off on Evening Miscellany
Wednesday, March 5th, 2014
I wrote this morning about the impending default of a small solar energy company in China. That would be the first n shore default of a Chinese corporate bond.FT Alphaville has a story on the matter and quotes from a Bank America Merrill Lynch Research piece which looks at this ...
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Wednesday, March 5th, 2014
Corporate issuance thus far today is around $21.5 billion. Here is an exhaustive list with IPT:
Via Bloomberg:
#$4.1b McKesson Corp (MCK) Baa2/BBB+ BAML/GS
$400m 1.5Y FRN 3ML +40 ...
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Wednesday, March 5th, 2014
Life has intervened today and I have not been an active blogger. One dealer in a note about an hour ago relayed that MBS were one to two ticks tighter to Treasuries. Origination at that time was just north of $700 million. End users have been better sellers but fast ...
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Wednesday, March 5th, 2014
Via Bloomberg:
$b McKesson Corp (MCK) Baa2/A- BAML/GS
$ 1.5Y FRN IPT 3ML +50area $ 3Y IPT +75area
$ 5Y IPT +95area
$ 10Y IPT +130area ...
Posted in Uncategorized | 3 Comments »
Wednesday, March 5th, 2014
Here is the take of TDSecurities' Millan Mulraine on the ADP data:
he pace of jobs growth is projected to have slowed in February, with the ADP employment estimate falling to 139K from 127K the month before (downwardly revised from +175K). The print was below the market consensus for a more ...
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Wednesday, March 5th, 2014
I posted yesterday on stories that were circulating regarding Russian liquidation of some of its Treasury holdings. The story cited a Russian official who viewed that as a proper response to any move by the US to impose sanctions on Russia for its encroachment of Ukraine territory.
The more likely scenario ...
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Wednesday, March 5th, 2014
The WSJ is running a story this morning about the drought in Brazil and the consequences of that drought on commodity prices. According to the story prices of coffee and sugar and soybeans are surging.
Via WSJ:
Brazil Drought Jolts Commodities' Prices
Coffee, Sugar and Soybeans See Sharp Increases
By
Alexandra Wexler,
Jeffrey T. Lewis and
Leslie ...
Posted in Uncategorized | Comments Off on Drought in Brazil and Rising Commodity Prices
Wednesday, March 5th, 2014
Via David Ader of CRT Capital:
OVERNIGHT FLOWS: Treasuries were little changed overnight on the mix of news and developments. Overnight volumes were light with cash trading at 89% of the 10-day moving-average, while TY came in at 88% of norms. 5s were the most active issue, taking a 36% marketshare, ...
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