Archive for April, 2014
Wednesday, April 30th, 2014
Prices of Treasury coupon securities have registered modest declines in lackluster overseas trading as market participants await the outcome of the Federal Reserve confab and the plethora of data scheduled for release over the remainder of the week. Today is also month end and that sometimes reduces volumes for the ...
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Tuesday, April 29th, 2014
Merrill Lynch research has an excellent piece on the Apple issuance. By that firms reckoning the 10 year sector is unchanged from the day on which they intimated that they would flood the market and the 30 year sector according to Merrill is 8 basis points tighter.
Via Merrill Lynch Research:
Apple ...
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Tuesday, April 29th, 2014
Apple priced its deal at steamy levels. The 3 year priced at + 18 (IPT 20), the 5 year priced at +37.5 (IPT 50), the 7year at +60 (IPT 75) and the 10 year at + 77 (IPT 90). I think the 30 year priced around +98 (IPT 115/120)but scouting ...
Posted in Uncategorized | Comments Off on Golden Apple.
Tuesday, April 29th, 2014
An overnight data preview via Robert Sinche of Pierpont Securities:
AUSTRALIA: Private Sector Credit Growth data for March, with a BBerg consensus at 4.5% YOY, up from 4.3% in February. A 4.5% print would be the strongest since April 2009.
S. KOREA: March data for Industrial Production, Leading Indicator and Manufacturing and ...
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Tuesday, April 29th, 2014
$12b Apple Inc (AAPL) Aa1/AA+ DB/GS
$1b 3Y FRN 3ML +7 $1.5b 3Y +18 $1b 5Y FRN 3ML +30 $2b 5Y +37.5 ...
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Tuesday, April 29th, 2014
Thirty year MBS is now back to approximately a + wider after being a tad tighter earlier today. Similarly 15 year paper which had been 3 tighter on Fed purchases is now unchanged to 1 tick better. Real money and fast money sold the tightening move.
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Tuesday, April 29th, 2014
This is the guidance on Apple pricing released about one hour ago. Compare to my earlier note here with the initial price guidance.
Via Bloomberg:
Apple 7 prt guidance
3 yr +20 area +/- 2bps (FRN Libor Equivalent)
5 yr +40 area +/- 2.5bps (FRN Libor Equivalent)
7 yr +62.5 area +/- 2.5bps
10 yr +80 ...
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Tuesday, April 29th, 2014
Swap spreads are mixed this morning with 2s and 5s unchanged and 10s and 30s each 1/2 basis point tighter. Participants noted that announcement of the Apple deal pushed 5 year and 10 year spreads nearly 1/2 basis points tighter. Dealers report algorithmic types receiving in 10s and 30s.
In Treasuries ...
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Tuesday, April 29th, 2014
Mortgages are quiet today with 30 year paper unchanged.However 15 year paper is 1+ to 2 better versus Treasuries as the Open Market Desk took down 15 year 3s. Clients are quiet awaiting the FOMC and the labor data.
Posted in Uncategorized | Comments Off on MBS
Tuesday, April 29th, 2014
The multi tranche Apple deal is dominating the marketplace today with other factors quiescent. The conventional wisdom holds that some of the general market weakness is a function of rate locking of that deal and the other belief is that when the deal prices the unwinding of the locks will ...
Posted in Uncategorized | Comments Off on A Smaller Apple Deal