Archive for March, 2014
Wednesday, March 5th, 2014
Via Mark Chandler of Brown Brothers:
The euro is a dog. Instead of deriving support from the easing of tensions in Ukraine/Crimea and the best euro zone service PMI since June 2011, as well as a surge in January retail sales (1.6%, reversing the revised 1.3% decline in December), the euro ...
Posted in Uncategorized | Comments Off on Mark Chandler on Euro
Wednesday, March 5th, 2014
I get this regularly but have never posted it before. It is a daily Bloomberg story on secondary corporate bond trading on the prior day. That volume exploded yesterday and was at its highest level in over a year.
Via Bloomberg:
IG CREDIT: Highest Volume Back to Jan 2013, Spreads at Tights
2014-03-05 ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Wednesday, March 5th, 2014
Via Bloomberg:
$b HSBC (HSBC) A3/A- HSBC
$ Subordinated Tier 2 10Y IPT +190area
$ Subordinated Tier 2 30Y IPT +200area
$b Commonwealth Bank of Australia (CBAAU) Aa2/AA-
$ 144a/Reg-S 3Y FRN CBA/DB/GS/JPM
$ 3(a)(2) 3Y
$ 3(a)(2) 5Y
$b Oesterreichische Kontrolbank AG (OKB) Aaa/AA+
Global 5Y MS +10 GS/HSBC/JPM
$1b African ...
Posted in Uncategorized | Comments Off on Corporate Bond Deals Set to Price Today
Wednesday, March 5th, 2014
Prices of Treasury coupon securities are registering small mixed changes in an evening in which geopolitical tensions took a back seat and did not dominate trading for the first time in several days.The yield on the benchmark 10 year note is unchanged from the level which prevailed in New York ...
Posted in Uncategorized | Comments Off on March 05 2014 Opening
Wednesday, March 5th, 2014
Bloomberg is carrying a story about a solar technology company in China, Shanghai Chaori, which may default on a corporate bond payment on Friday. The story is not getting much press other than Bloomberg but I thought it worth mentioning as the market went through a round of China corporate ...
Posted in Uncategorized | Comments Off on Possible Corporate Default in China
Tuesday, March 4th, 2014
Via Merrill Lynch:
All you need is calm. After the easing of tensions between Ukraine and Russia overnight risk asset prices rebounded today. This return to relative calm has allowed the primary market to fully open, with deals that were planned for Monday but delayed due to the market volatility likely ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Today’s Heavy Corporate Issuance
Tuesday, March 4th, 2014
Earlier I posted a piece in which a Russian official opined that if the US were to impose sanctions on Russia that it would be an appropriate response for Russia to sell its holdings of US bonds. A fully paid up subscriber forwarded a Reuters article in which a Russian ...
Posted in Uncategorized | Comments Off on Another Post on Russian Response to Sanctions
Tuesday, March 4th, 2014
A fully paid up subscriber forwarded this to me and said it was getting some notice in the street. I read alot of stuff on line and I have never heard of the Free Public so I can not vouch even remotely for the source.
The story reports that a Putin ...
Posted in Uncategorized | 4 Comments »
Tuesday, March 4th, 2014
The Washington Post , not exactly a bastion of conservative sentiment, published a poll this morning which reports that in the states with a contested Senate race the GOP leads by 50-42. The election this year is in the sixth year of a two term President's service and traditionally that ...
Posted in Uncategorized | 1 Comment »
Tuesday, March 4th, 2014
Mortgage spreads are also benefiting from the risk on sentiment and the Treasury market sell off and on that account current coupons are about 2 ticks tighter to Treasuries. The Federal Reserve continues as a buyer and that entities actions continue to clean up supply. Origination activity is modest at ...
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