Archive for April, 2014
Tuesday, April 8th, 2014
Via Bloomberg:
By James Holloway
April 8 (Bloomberg) -- (Adds EBRD, NEWBNK.)
* The following deals are expected to price today:
* EBRD Aaa/AAA 5Y global via C, DB, HSBC, MS; expected to
price today, spread MS +1
* Nederlandse Waterschapsbank (NEWBNK), Aaa/AA+, 144a/Reg. S
via BNP, C, TD; spread set at MS+20
* Abengoa SA (ABGSM) na/BBB-/BBB-, ...
Posted in Uncategorized | Comments Off on Very Early Corporate Bond Stuff
Tuesday, April 8th, 2014
In 1939 Hitler had German troops don Polish uniforms and had then invade a German radio station in Germany (now Poland) and then used that staged provocation as the pretext for the subsequent German blitzkrieg of Poland which marked the official opening of World War 2. That incident coalesced opposition ...
Posted in Uncategorized | Comments Off on Rising Tensions in Ukraine
Monday, April 7th, 2014
The CalculatedRisk blog reports on an update from the CBO which calculates that the deficit for the first six months of the current fiscal year is $413 billion. That is not exactly an odd lot but it is fully $187 billion less than the deficit in the same period last ...
Posted in Uncategorized | 4 Comments »
Monday, April 7th, 2014
Via Merrill lynch Research:
Debt vs. equity. Over the past two post-payrolls trading days (since Thursday) stocks have declined about 2.3% (S&P 500), significantly underperforming investment grade credit, which is just 1.15bps wider at 68bps, and even high yield, which has declined about 0.57pts to 107.2 (both CDX). Judged by the historical ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Credit Spreads
Monday, April 7th, 2014
Swap spreads closed 1/2 basis point wider in 2s and 5s and unchanged elsewhere. Dealers reported interest in receiving 2year/2year ,some interest in forward starting flatteners out to 20 years, ans some deal related receiving interest in the belly of the curve.
Posted in Uncategorized | Comments Off on Swap Spread Close
Monday, April 7th, 2014
Swap spreads have barely budged. Two year spreads are about 1/4 basis point wider while 5s 10s and 30s are all unchanged. The level of activity is light. I have heard of black box paying small size in the belly.
Posted in Uncategorized | Comments Off on Swap Spreads
Monday, April 7th, 2014
As one would expect amidst the equity market carnage and the generalized risk off tome spreads are wider today. But as one participant noted they have not moved as much as one would expect given the movement in other markets. The key reason for the subdued move is that there ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, April 7th, 2014
Via Bloomberg:
IG CREDIT: Two to Price Today, Two Expected Tomorrow
2014-04-07 14:23:44.523 GMT
By Lisa Loray
April 7 (Bloomberg) -- Four names have been added to
today’s IG calendar, with two set to price today and two
tomorrow. Month stands at $19.3b and YTD issuance $435.7b
* One EM and one domestic financial are expected to ...
Posted in Uncategorized | Comments Off on Light Corporate Calendar
Monday, April 7th, 2014
The Treasury yield curve continues to steepen today. The 5s 30s spread which opened at 189.4 is now 190.3. Similarly, 10s 30s has moved from 86.8 to 87.1. The improvement is all in the belly as 2s 5s has flattened from 127.4 to 127.1. The 2s 5s 10s spread is ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Monday, April 7th, 2014
Mark Chandler of Brown Brothers on a territorial dispute between China and the Phillipines (about which I will confess I knew nothing).
Via Mark Chandler of Brown Brothers:
Unbeknownst to many, the dispute with between China and the Philippines has escalated and is, arguably, surpassing the dispute with Japan. There have been ...
Posted in Uncategorized | Comments Off on Geopolitics