Archive for April, 2014
Tuesday, April 1st, 2014
The flurry of regulatory reform which flowed from the financial crisis has made it more difficult for dealer firms to transact business in the manner in which they grown accustomed. The regulatory referees have imposed far more stringent capital requirements than existed in the pre crisis world. This WSJ story ...
Posted in Uncategorized | Comments Off on Trade Compression
Tuesday, April 1st, 2014
The Asian Development Bank posits that GDP in China will increase at a rate of 7.5 percent this year. The Bank sees continued appreciation of the yuan in the medium term and long term. The Bank also expects investment growth to slow as the PBOC tries to rein in credit ...
Posted in Uncategorized | Comments Off on Asian Development Bank on China Economy
Tuesday, April 1st, 2014
Via Pierpont Securities:
I wanted to offer a brief commentary on Fed Chair Yellen’s speech from yesterday. I needed 24 hours to catch my breath after reading the speech, and the less I say, probably the better it will be for me. However, I just couldn’t let the speech pass without ...
Posted in Uncategorized | Comments Off on Pierpont Securities on the Yellen Speech
Tuesday, April 1st, 2014
One market maker reporting fast money clients unwinding flatteners as we speak. The 5s 30s spread is now out to 186.7 and is out over 6 basis points since MS Yellen delivered her premeditated retraction.
Posted in Uncategorized | Comments Off on Treasury Flows
Tuesday, April 1st, 2014
The calendar reads April 1 and that has brought an influx of corporate bond buyers back to the market. Spreads in most sectors are about 2 basis points tighter. The recent Bank America 5 year deal is a great example of demand for paper with a modicum of quality. The ...
Posted in Uncategorized | Comments Off on Corporates
Tuesday, April 1st, 2014
Swap spreads are unchanged to slightly wider across the curve. There is no particular theme driving that market today and one salesman with whom I spoke said that he did not think there was any particularly hefty resting trade in that space. In terms of client flow the only noteworthy ...
Posted in Uncategorized | Comments Off on Swaps
Tuesday, April 1st, 2014
Via Bloomberg:
IG CREDIT: Volume Rises 20% in March as $140.8b Prices
2014-04-01 12:25:41.288 GMT
By Lisa Loray
April 1 (Bloomberg) -- $140.8b priced from 106 issuers in
179 tranches in March, up from $117.7b in February and short of
$157.9b in January.
* Domestic corporates (40%) outpaced finacials (37.5%) for the
second consecutive month after financials led ...
Posted in Uncategorized | Comments Off on March Corporate Recap
Tuesday, April 1st, 2014
Mortgages finished yesterday about 2 ticks wider to Treasuries.Index buying was very light and money managers and hedge funds were better sellers. Origination was light at about $800 million. The basis is steady in the opening this morning.
Posted in Uncategorized | Comments Off on MBS
Tuesday, April 1st, 2014
Via Bloomberg:
ommuninvest I Sverige Aktiebolag 1 bln Aaa/AAA, 3 yr 144A Reg S spread set MS +6
Massachusetts Institute of Technology 550mm Aaa/AAA 100 yr
ipt +115-120
Shinhan Bank TBD ...
Posted in Uncategorized | Comments Off on Complete Corporate List Thus Far
Tuesday, April 1st, 2014
I think this is a curious juxtaposition of names on this list. And who would lend Costa Rica money for 30 years.
Via Bloomberg:
Republic of Costa Rica B'Mark Baa3/BB 30 yr 144A Reg S
asap
ipt +low 7%
Citigroup Inc. B'Mark Baa2/A- 1/2 parts 5 yr fxd and/or frn
asap
ipt 5 yr fxd +mid ...
Posted in Uncategorized | Comments Off on More Corporate Deals