Archive for March, 2014
Tuesday, March 4th, 2014
Swap spreads are 1/4 to 1/2 basis points tighter across the curve as swaps benefit from the debacle across town in the Treasury market. Hope springs eternal and there is also belief that some of the myriad corporate issues on the docket today will generate swapping and that flow if ...
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Tuesday, March 4th, 2014
Prices of Treasury coupon securities are still under severe pressure as euphoria permeates every nook and cranny and crevice of the financial world. I wonder how the financial world responded when the aristocratic fellow with the umbrella chortled "peace in our time" nearly four decades ago. A reading of history ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Tuesday, March 4th, 2014
My previous note was on corporate bonds and it detailed the huge number of deals and tranches coming to market today. I spoke with a salesman (he is an expert on the 40 percent times table) and he attributes the heavy deal flow to the volte face in risk sentiment. ...
Posted in Uncategorized | Comments Off on Corporate Bond Musings.
Tuesday, March 4th, 2014
There are quite a few deals on tap today and some of them are not exactly household names.
Via the good folks at Bloomberg:
$b Bank of Tokyo-Mitsubishi UFJ (MUFG) Aa3/A+
$ 3Y FRN 3ML +equiv 144a/Reg-S
$ 3Y +70-75 BAML/JPM/MUS/MS
$ 5Y +95 area
$ 10Y +120 area
$b Citigroup Inc (C) Baa2/A- Citi
$ 3Y FRN 3ML +equiv ...
Posted in Uncategorized | Comments Off on Active Corporate Calendar Today
Tuesday, March 4th, 2014
All Clients
Long Neutral Short
March 03 17 62 21
Feb 24 19 56 25
Feb 18 21 62 17
4 week average 18 60 22
52 week average 16 63 21
Active Clients
Long Neutral Short
March 03 23 54 23
Feb 24 24 38 38
Feb 18 31 61 8
4 week average 23 54 23
52 week average 15 58 ...
Posted in Uncategorized | Comments Off on JPM Weekly Client Survey
Tuesday, March 4th, 2014
David Ader of CRT Capital on overnight activity:
OVERNIGHT FLOWS: Treasuries were under pressures throughout the overnight session as reports of de-escalation in the Ukraine have led a rebound in risk assets. Overnight volumes were strong with cash trading at 135% of the 10-day moving-average, while TY came in at 125% ...
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Tuesday, March 4th, 2014
Via WSJ:
G-20 Inflation Eased Again in January
Rise in Consumer Prices in World's Largest Economies Slowed for Second Straight Mont
By
Paul Hannon
connect
March 4, 2014 6:00 a.m. ET
The rise in consumer prices slowed across the world's largest economies for a second straight month in January, driven by falling inflation rates in several large ...
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Tuesday, March 4th, 2014
Mark Chandler reports on soft wage data in japan overnight:
Via Mark Chandler at Brown Brothers:
Third, in Japan wage earnings fell 0.2% in January, the first decline in three months. The December increase was revised to 0.5% from 0.8% initially. The limited wage increases remain one of the key shortcomings thus ...
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Tuesday, March 4th, 2014
One dealer included this lengthy list of informative headlines from the Putin press conference in his morning note and I think they are worth sharing to provide some flavor:
*PUTIN: UKRAINE'S YANUKOVYCH AGREED TO COMPROMISE FEB. 21
*YANUKOVYCH HAD NO CHANCE FOR RE-ELECTION, PUTIN SAYS
*UKRAINE USED TO ONE SET OF CROOKS REPLACING ...
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Tuesday, March 4th, 2014
Prices of Treasury coupon securities have tumbled in overnight trading as tensions in the Ukraine have deescalated. Russian Czar Putin announced that Russian troops on the Ukraine border would return to bases in Russia and markets rallied on that news. He did not say anything about the troops already on ...
Posted in Uncategorized | Comments Off on March 04 2014 Opening