Archive for May, 2014
Wednesday, May 28th, 2014
One dealer with whom I have contact just published a note which said that he is seeing real money sellers of the Long Bond at this 3.30 level. The same dealer notes heavy trading of off the runs in the broker screens which is indicative of selling, too.
Posted in Uncategorized | Comments Off on Treasury Update: Some Sellers Emerge
Wednesday, May 28th, 2014
This was out last evening but I just noticed it. Junk bond managers are fixed income rock stars with winning performances.
This is going to end very ugly.
Via the WSJ:
Markets
New Fund Stars Ride Junk Bonds to the Top
Development Shows Demand for Returns Since 2008 Financial Crisis
By
Matt Wirz
May 27, 2014 8:44 p.m. ...
Posted in Uncategorized | Comments Off on Junk Ascendant
Wednesday, May 28th, 2014
The 10 year note traded in early May 2013 at around 1.62 percent. it traded close to 3 percent in September 2013 and as high as 3.05 in early January 2014. We are at important Fibo retracement levels within the context of that range. The 2.50 percent level was a ...
Posted in Uncategorized | Comments Off on Treasury Miscellany
Wednesday, May 28th, 2014
Via Bloomberg:
Turkiye Halk Bankasi 500mm (ng) Baa2/BBB-(Fitch) 5 yr 144A Reg S
guidance ms +330 area
The Walt Disney Co B'Mark A2/A 3/4 part 3 yr fxd, 5 yr fxd and/or frn,30 yr
ipt 3 yr frn 3ml +hi 20's
5 yr fxd +mid 40's
frn 3ml equiv
30 yr fxd +low 90's
Public Service Elec ...
Posted in Uncategorized | Comments Off on Updated Corporate Bond List
Wednesday, May 28th, 2014
I wrote here and here yesterday on the parlous state of the fixed income business. Here are some comments by Goldman Sachs CEO Cohn on the topic.
Goldman’s Cohn Says 10Y Yield Trading In Tightest Band in 35 Yrs
2014-05-28 12:55:39.500 GMT
By Patricia Lui
May 28 (Bloomberg) -- Goldman Sachs President Cohn says
firm ...
Posted in Uncategorized | 4 Comments »
Wednesday, May 28th, 2014
The Treasury market is rallying and trades at approximately the low yields attained earlier in the month. The 10 year note has traded below 2.47 briefly and sits just above that level currently. What is motivating the uptrade?
The greatest motivator of all is job preservation and I think that the ...
Posted in Uncategorized | Comments Off on Treasury Market Rally
Wednesday, May 28th, 2014
Via the good folks at Bloomberg:
$1.5b(e) Walt Disney Co (DIS) A2/A C/DB
$m 3Y IPT +High-20s $m 5Y FRN 3ML +equiv ...
Posted in Uncategorized | Comments Off on Corporate Bonds Thus Far
Wednesday, May 28th, 2014
One trader reported that this latest thrust higher in price is a result of the Bund piercing its May 16 high of 146.80.
Posted in Uncategorized | Comments Off on Uptrade
Wednesday, May 28th, 2014
Via the good folks at Bloomberg:
RATES: The Fewest Neutrals Since 2010 Seen in Latest JPM Survey
2014-05-28 11:15:01.769 GMT
By Robert Elson
May 28 (Bloomberg) -- The JPMorgan Treasury Client Survey
for the week ended May 27 vs week ended May 19.
* Longs at 17 vs 10
* Neutrals drop to 48 vs 66
* Shorts ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Wednesday, May 28th, 2014
Via CRT Capital:
OVERNIGHT FLOWS: The market is bid led by 7s on the back of softer data out of Germany in terms of a gain in UNR and soft PPIs for Europe more generally. Those were some of the key fundamental excuses but ahead of those we encountered an Asian ...
Posted in Uncategorized | Comments Off on Overnight Flows