Archive for June, 2014
Thursday, June 19th, 2014
I just found this one on TIPS from Richard Gilhooly at TD Securities. Sorry for the flood of TIPS stuff.
Via TD Securities:
Treasury will auction $7bn 30yr TIPs at 1pm, in the first re-opening of the benchmark February 1.375% 2044 issue. The auction came at 1.495% real yield in February and ...
Posted in Uncategorized | Comments Off on Last Time on TIPS
Thursday, June 19th, 2014
One trader noted that the 5 year breakeven has moved 10 basis points in the last four trading sessions and has benefited from the Yellen comment that the recent uptick in inflation is noise as well as from the stronger inflation data. The last two TIPS auctions have been blowouts ...
Posted in Uncategorized | Comments Off on Tips Auction Revisited
Thursday, June 19th, 2014
Via the good folks at Bloomberg
The Williams Co Inc. 1.9 bln Baa3/BB+ 2 part 10 & 30 yr
3 mo par call on 10 yr prior
6 mo on 30 yr
ipt 10 yr +220 area
30 yr +265 area
Societe General B'Mark Ba3/BB (Fitch) Perp nc 5.5 yr sub debt ...
Posted in Uncategorized | Comments Off on Corporate Issuance Thus Far
Thursday, June 19th, 2014
There were conflicting reports yesterday that the ISIS group had captured a large refinery on the outskirts of Baghdad. The website longwarjournal.org reports the takeover as fact. In addition they offer this as an overview on the overall conflict:
"The ISIS' speedy southward advance from Mosul all the way to the ...
Posted in Uncategorized | Comments Off on Iraq
Thursday, June 19th, 2014
The Treasury will conduct a 30 year TIPS auction today and the consensus is that it will go very well as the perception is that the FOMC has a very casual attitude about inflation risks. One trader notes the outperformance of 5 year TIPS since the FOMC and the relative ...
Posted in Uncategorized | Comments Off on TIPS
Thursday, June 19th, 2014
Swap spreads are leaking wider this morning with 2s unchanged and 5s 1/4 wider. Tens are 1/2 wider and 30s are 1/4 wider. One trader described the market as very quiet amidst light client flows.
Posted in Uncategorized | Comments Off on Swaps
Thursday, June 19th, 2014
The corporate bond market is quite firm this morning as Ms Yellen gave the green light to those who want to strap on risk. My corporate bond source reports that the IG 22 opened yesterday morning at 60 and edged lower throughout the day . It trades at 56 this ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Thursday, June 19th, 2014
Via Bloomberg:
Economic Data
* 8:30am: Initial Jobless Claims, June 14, est. 313k (prior
317k)
* Continuing Claims, June 7, est. 2.6m (prior 2.614m)
* 9:45am: Bloomberg Economic Expectations, June (prior 42.5)
* Bloomberg Consumer Comfort, June 15 (prior 35.5)
* 10:00am: Philadelphia Fed Business Outlook, June., est. 14
(prior 15.4)
* 10:00am: Leading Index, May, est. 0.6% (prior ...
Posted in Uncategorized | Comments Off on Stuff to Watch Today
Thursday, June 19th, 2014
Via TD Securities:
Norges Bank Flip Flops Back to the Dovish Camp
The Norges Bank surprised today by coming in much more dovish than expected, and reintroducing the chance of further easing for the first time in a year. Analysts were already widely expecting the Norges Bank to pull down its 2015-2017 ...
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Thursday, June 19th, 2014
Via Brown Brothers Harriman:
The main take away from the FOMC meeting is that the Federal Reserve is not the Bank of England. Hawkish comments by top BOE officials--not just Governor Carney--are encouraging investors to bring forward the beginning of a normalization of monetary policy and a tightening cycle, no matter ...
Posted in Uncategorized | Comments Off on FX