Archive for July, 2014
Tuesday, July 15th, 2014
Via the good folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Retail Sales, m/m, June, est. 0.6% (prior 0.3%)
* Empire Manufacturing, July, est. 17 (prior 19.28)
* Retail Sales Ex Auto, m/m, June, est. 0.5% (prior 0.1%)
* Retail Sales Ex Auto and Gas, June, est. 0.5% (prior
0.0%)
* Retail ...
Posted in Uncategorized | Comments Off on What to Watch For Today
Tuesday, July 15th, 2014
Via Mark Chandler of Brown Brothers Harriman :
The UK offered two surprises today, and they pulled the British pound in opposite directions. First, BRC sales figures were simply horrible, declining 0.8% year-over-year in June (like –for-like). The market had expecte a 0.7% increase after a 0.5% rise in May. ...
Posted in Uncategorized | Comments Off on FX
Tuesday, July 15th, 2014
Via the good folks at Bloomberg;
IG CREDIT: Client Flows Dominate in Most Active Issues
2014-07-15 09:53:06.408 GMT
By Robert Elson
July 15 (Bloomberg) -- The final Trace count for secondary
trading was $9.3b vs $7.5b Friday and $10.6b the previous
Monday. 10-DMA at $10.6b; 10-DMA of only Monday sessions is
$11.7b.
* GS 3.30% 2015 was the ...
Posted in Uncategorized | Comments Off on Credit Trading Recap
Tuesday, July 15th, 2014
Via TD Securities:
EUR Germany’s July ZEW index came out well below expectations, with the current situation falling from 67.7 to 61.8 (mkt 67.4) and expectations from 29.8 to 27.1 (mkt 28.2). A ZEW spokesperson said that the economy experienced a “slight dent” and that political risks weighed on investor sentiment. ...
Posted in Uncategorized | Comments Off on Comments on ZEW and UK CPI
Tuesday, July 15th, 2014
I would be remiss if I did not note that the market has heightened fears about credit issues in Europe with the Holy Spirit back in the headlines. here is an excerpt from a Bloomberg article:
Espirito Santo plunged 15 percent to 37.9 euro cents for a seventh day of losses. ...
Posted in Uncategorized | Comments Off on Credit Concerns
Tuesday, July 15th, 2014
Prices of Treasury coupon securities have bounced from the lower levels attained yesterday and are very close to levels which prevailed twenty four hours ago when I composed that electronic missive. The focus in the marketplace is the Yellen Humphrey Hawkins testimony. I have read that the the Federal Reserve ...
Posted in Uncategorized | Comments Off on July 15 2014 Opening
Monday, July 14th, 2014
Via the WSJ:
Opinion
The Full-Time Scandal of Part-Time America
Fewer than half of U.S. adults are working full time. Why? Slow growth and the perverse incentives of ObamaCare.
By
Mortimer Zuckerman
July 13, 2014 6:47 p.m. ET
There has been a distinctive odor of hype lately about the national jobs report for June. Most people will ...
Posted in Uncategorized | 2 Comments »
Monday, July 14th, 2014
Bed Bath & Beyond B'Mark Baa1/BBB+ 3 part 10, 20 & 30 yr
3 mo par call prior on 10 yr
6 mo on 20 & 30 yr
101% coc Put
asap jpm,ms,wfs
Bank of Nova Scotia B'Mark ...
Posted in Uncategorized | Comments Off on Issuance
Monday, July 14th, 2014
Via Mark Chandler at Brown Brothers Harriman:
There are three sets of influences in the week ahead: impact from last week's price developments, the latest economic readings, and central banks.
One of the key issues for investors is whether last week's price action is the start of something more serious or was ...
Posted in Uncategorized | Comments Off on FX
Monday, July 14th, 2014
Via the good folks at Bloomberg:
G CREDIT: Trading Volume Falls as Issuance Muted Late in Week
2014-07-14 09:44:44.207 GMT
By Robert Elson
July 14 (Bloomberg) -- The final Trace count for secondary
trading was $7.5b vs $9.7b Thursday. 10-DMA at $10.9b; 10-DMA of
only Friday sessions is $9.5b.
* HSBC 5.25% 2015 was most active issue; client buyers split
volume with trades between dealers 50/50
* CF 7.125% 2020 was next; client flows took 100% of volume
* CTL 7.995% 2036 was 3rd; client flows took 50% of volume
* CAIXBR 4.25% 2019 topped the 144a most active list; two-way
client flows accounted for 100% of volume
* BofAML IG Master Index at +108 vs +109; +106, its low for
2014 and the tightest spread since July 2007 was seen June
24; year wide +132
* Standard & Poor’s Global Fixed Income Research IG Index, at
+142, unchanged; +141, 2014’s low and the post-crisis low
was seen repeatedly earlier in the month; +164, the wide for
2014 was seen 4x in Feb
* Markit CDX.IG.22 5Y Index closed at 58.4 vs 57.8; 55 was
seen July 3, a new 52-week low and the lowest level since
Oct 2007, vs 57; 52-week high of 97.6 was seen June 24
* There was no IG issuance Friday; weekly volume topped $20b
for 21st time this year
* Barc, Citi, GS top the IG manager’s list for the week
* IG issuance YTD remains at $829.445b
Posted in Uncategorized | Comments Off on Investment Grade Credit Trading Last Week