Archive for April, 2014
Friday, April 11th, 2014
Amongst the crowd with whom I converse flows in the Treasury market are on the light side. The focus of participants is on the equity market and price action this afternoon will move in sync with that market. I have heard once again of end user clients with a long ...
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Friday, April 11th, 2014
Via Bloomberg:
U.S. Treasury Asks Dealers Whether to Modify Auction Calendar
2014-04-11 16:01:33.636 GMT
By Kasia Klimasinska
April 11 (Bloomberg) -- The U.S. Treasury Department asked
bond dealers whether the re-openings of 10-year notes and 30-
year bonds contribute to liquidity in those securities.
The Treasury, in a statement today, asked if it should
consider modifying the auction ...
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Friday, April 11th, 2014
As I wrote her yesterday corporate bonds felt heavy yesterday amidst the equity market crackup. Spreads opened sloppy and wider this morning and have remained at those wider levels throughout the day. One salesman noted that the round of stability which accompanied the stock market recovery ( I gathered this ...
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Friday, April 11th, 2014
Swap spreads are mixed today. Two year spreads are flat while 5 year spreads are 1 basis point wider. Ten year spreads and thirty year spreads are about 1/2 basis points wider. I have not heard much in the way of end user flows and one portfolio manager opined that ...
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Friday, April 11th, 2014
This is an interesting (to me) article from the good folks at Bloomberg which attempts to discern what aggregate positions are amongst dealers and traders.
Via Bloomberg:
RATES: U.S. Rates Positioning Summary
2014-04-11 14:12:23.69 GMT
By Elizabeth Stanton
April 11 (Bloomberg) -- Asset manager net short in 10Y
futures narrowed from biggest since Dec. 2007; JPMorgan ...
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Friday, April 11th, 2014
Via CRT Capital:
OVERNIGHT FLOWS: Treasuries were slightly better overnight as the decline in global equities followed-through overnight. Overnight volumes were light with cash trading at 93% of the 10-day moving-average, while TY came in at 86% of norms. 5s were the most active issue, taking a 37% marketshare while 10s ...
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Friday, April 11th, 2014
Turkey stirred the markets several weeks ago and the the central bank stabilized the currency with some harsh monetary measures. The currency rallied from about 2.4 to just under 2.10. Several hours ago Moody's changed the outlook for Turkey to negative from stable.
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Friday, April 11th, 2014
Via Mark Chandler at Brown Brothers:
The US dollar is licking its wounds as the week winds down. It has been a poor week for the greenback, falling against all the major currencies. There are been two official impulses. First ECB officials have made it clear while it ...
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Friday, April 11th, 2014
I have used a reasonable amount of space at this blog chronicling extremely tight credit spreads and other examples of investors with a casual attitude toward risk. I guess following the price action yesterday in equities greed will slowly be morphing into fear so maybe some of that casual attitude ...
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Friday, April 11th, 2014
Prices of Treasury coupon securities have , on balance, registered small gains in overnight trading. The carnage in global equity markets which began with the collapse of biotech stocks and subsequent clubbing of the Nasdaq yesterday continued overseas. The Nikkei dropped nearly 2.4 percent and other major Asian and Australian ...
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