Archive for September, 2014
Tuesday, September 23rd, 2014
Via Pierpont Securities:
CHINA: Westpac/MNI Consumer Sentiment Indicator for September – the index reached an interim high last December (124.0) and moved irregularly lower to a low for the year of 113.3 in August.
NEW ZEALAND: Trade balance data for August. Data is not SA and August usually is the largest deficit ...
Posted in Uncategorized | Comments Off on What to Watch for Overnight
Tuesday, September 23rd, 2014
This is an interesting article at the WSJ which chronicles the harm to other retailers which flows from the new Apple phone and watch. The author states that retailing is a zero sum game and the dollars flowing to Apple will make for reduced spending elsewhere.
Via the WSJ:
Heard on the ...
Posted in Uncategorized | Comments Off on Apple Giveth and Taketh Away
Tuesday, September 23rd, 2014
A fully paid up subscriber shared this little nugget several hours ago. I an presuming that the repo rate has not changed since he sent this. The repo rate on the WI 2s is negative 28 basis points to December 31. That is nearly 13 basis points of negative carry ...
Posted in Uncategorized | Comments Off on Painful Short
Tuesday, September 23rd, 2014
Swap spreads , on balance, are narrower today. Two year spreads are unchanged. Five year spreads are a basis point tighter while 10 year and 30 year spreads have narrowed 1 1/4 basis points. Some of that is receiving by duration shorts and some is a function of swapped issuance.
One ...
Posted in Uncategorized | Comments Off on Swap Market
Tuesday, September 23rd, 2014
The Treasury market is engaged in a robust rally this afternoon and yields sit at post FOMC lows. There are several reasons for the rally. The HSBC PMI data released overnight assuaged concerns somewhat regarding growth in China but those concerns have not been extinguished. Growth in the Eurozone is ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Tuesday, September 23rd, 2014
Yahoo Finance has a blog and it reports a very bearish signal on the Russell 2000. According to the story the 50 day moving average on the Russell has crossed the 200 day moving average for the first time in 2 years.
Posted in Uncategorized | Comments Off on Bearish Russell 2000 Indicator
Tuesday, September 23rd, 2014
Via the Good Folks at Bloomberg:
* Kommuninvest B'Mark Aaa/AAA
** 5Y 144A Reg S
** IPT ms +5 area
** Books: BAML,JPM,NOM,SEB
* Nordic Investment Bank B'Mark Green Bond Aaa/AAA
** 7Y Global
** IPT ms +4 area
** Books: BAML,CA-CIB,SEB
* ING Bank NV B'Mark A2/A
** 5Y fxd and or frn 144A NOReg Rts Reg S
** IPT ...
Posted in Uncategorized | Comments Off on Today’s Corporate List
Tuesday, September 23rd, 2014
Corporate bond spreads are softer today. Industrials are unchanged to a basis point wider. Telecom is 2 basis points to 3 basis points wider and bank and finance is out a similar amount.
Sysco (not Cisco) is doing a multi tranche deal today. One syndicate desk manager with whom I spoke ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Tuesday, September 23rd, 2014
Via Ian Lyngen of CRT Capital:
The 2-year sector is little changed this morning, failing to price in any outright concession but it is the underperformer on the curve. We’re constructive on this afternoon’s auction nonetheless as it’s tied with July/Aug as the smallest 2-year size since March 2008, and the ...
Posted in Uncategorized | Comments Off on CRT Capital on the 2 year note Auction
Tuesday, September 23rd, 2014
The Treasury will auction $28 billion 2 year notes at 100PM today. One trader noted that the FOMC DOT Plot tantrum has turned participants very bearish on the front end. He thinks that there has been a real wash out in positions. The 2 year note future has its highest ...
Posted in Uncategorized | Comments Off on Two Year Note Auction Today