Test
Tuesday, June 17th, 2014This is a test
Archive for June, 2014
Some Flows
Monday, June 16th, 2014Via RBS Securities: Our Treasury flows were real money buying of 10’s and fast money selling of 10’s. Our TIPS flows were quiet, and in swaps, we had fast money selling FV spreads. Treasury inter-dealer broker volume was 72% of the 10-day average. Mortgages: Volumes were light in mortgages today. The Fed ...
Treasury Market
Monday, June 16th, 2014The Treasury market is meandering about in a very narrow range today amidst extremely light volume. I have heard of hedge fund sellers of 2 year notes and 3 year notes. In addition to that participants report clients doing portfolio maintenance type trades but there is very little opinion expressed ...
Rogue Trading Activist
Monday, June 16th, 2014You cant make this up. Greenpeace is a left leaning anti growth environmental organization. Well it seems that one of the young activists thought he could prognosticate the direction of the Euro and in so doing he lost over 3 million pounds betting on a decline in that currency. The ...
Swap Spreads
Monday, June 16th, 2014Swap spreads widened initially and then have compressed on some issuance related activity. Client activity away from the issuance has been light. Spreads are 1/4 basis points tighter across the curve. For the record, 2 year spreads are at 14 3/4, 5 year spread are at 8 1/4, 10 year ...
Industrial Production
Monday, June 16th, 2014Via TDSecurities: US industrial output rose strongly in May, with the headline index posting a robust 0.6% m/m gain. This was ahead of the market consensus for a slightly more modest 0.5% m/m gain, and the strong advance in May comes on the heels of the upwardly revised -0.3% m/m print ...
TIC Data
Monday, June 16th, 2014Via CRT Capital: *** Overseas accounts sold US fixed-income on net -$24.2 bn April vs. Purchasing +$23.7 bn March. April March Feb. Jan. Dec. Treas. bonds/notes -$13.589 $25.855 $92.455 -$0.584 $17.856 Govt. agency bonds -$2.082 -$9.108 -$0.075 ...
Corporate Bond Issuance Thus Far
Monday, June 16th, 2014Via the Good Folks At Bloomberg: Macquarie Bank Ltd. B'Mark A2/A 2 part 2 yr frn & 5 yr fxd 144A reg S ipt 2 yr frn 3ml+45-50 5 yr fxd +low 100's The Guardian Life Insurance Company of America 400mm A1/AA- 50 yr 144A Reg S Surplus Notes ipt +165 area Northern States Power 100mm ...
FX
Monday, June 16th, 2014Via Brown Brothers Harriman: The investment climate can be summed up as follows: Growth in the US has picked up markedly after the major disappointment in Q1. The Japanese economy has weakened considerably, which does not mean unexpectedly, is Q2. The UK economy continues its robust performance. The euro zone is ...
Iran and Iraq and US
Monday, June 16th, 2014I reported last evening that the Obama Administration had planned to dialogue this week with Iran regarding the situation in Iraq. The FT is reporting that Iran has rejected any notion of cooperation with the US. Via the FT: June 16, 2014 10:12 am Iran leaders look to US over Iraq crisis By Najmeh ...