Archive for September, 2014
Monday, September 22nd, 2014
Via Robert Sinche at Pierpont Securities:
CHINA: The BBerg consensus expects the HSBC China Manufacturing PMI to dip to 50.0 in September from 50.2 in August, although a slide below 50 is possible. Such a drop would likely generate a significant discussion of additional weakening in Chinese growth, aiding global bond ...
Posted in Uncategorized | Comments Off on What to Watch Tonight
Monday, September 22nd, 2014
Via Bloomberg:
IG CREDIT: 12 to Price in Busiest Session in 3 Weeks
2014-09-22 15:02:19.119 GMT
By Lisa Loray
Sept. 22 (Bloomberg) -- 12 issuers are expected to price as
many as 21 tranches to start weekly issuance in what is expected
to be the busiest session since $24.25b priced from 15 issuers
in 26 tranches on ...
Posted in Uncategorized | Comments Off on Today’s Corporate Supply
Monday, September 22nd, 2014
The curve has a steepening bias today with 5s 10s now 1.1 basis points wider than closing levels Friday(currently 77.4). The 10s 30s spread at 71.5 is 0.7 basis points wider and 5s 30s is 2.1 basis points steeper. Dealers I converse with report very light flows. The only meaningful ...
Posted in Uncategorized | 2 Comments »
Monday, September 22nd, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Chicago Fed National Activity Index, Aug., est. 33
(prior 0.39)
* 10:00am: Existing Home Sales, Aug., est. 5.20m (prior 5.15m)
* Existing Home Sales m/m, Aug., est. 1% (prior 2.4%)
Central Banks
* 9:00am: ECB’s Draghi speaks in Brussels
* 10:05am: Fed’s Dudley speaks in New ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Monday, September 22nd, 2014
Via Win Thin at Brown Brothers Harriman:
Drivers for the Week Ahead
- The most important data in the week ahead comes from the Eurozone
- We doubt that the disappointing participation in the initial TLTRO offering will lead to an ECB sovereign bond purchase program in the near term
- France's Prime Minister ...
Posted in Uncategorized | Comments Off on FX
Monday, September 22nd, 2014
Via Bloomberg:
Monday - Sept 22
$b Nonghyup Bank (NACF) A1/A 144a/Reg-S
5Y +115 area BAML/CreditAg/DB/HSBC/Miz/SCB
$1b Asian Development Bank (ASIA) Aaa/AAA
Global 4Y MS -6 area GS/MS
$b Suntory Holdings Limited () Baa2/BBB 144a/Reg-S
$m 3Y IPT +
$m 5Y IPT + BAML/Barc/BNP/C/JPM/MS
Mid to late this week
$b Kommuninvest I Sverige (KOMINS) Aaa/AAA
144a/Reg-S 5Y BAML/JPM/Nom/SEB
Posted in Uncategorized | Comments Off on Corporate Issuance
Monday, September 22nd, 2014
Prices of Treasury coupon securities have posted solid gains in overnight trading as a round of risk aversion hit the markets at the open. One story which I wrote about here suggested chaos in the China housing market and the response to that story led to lower equity prices. In ...
Posted in Uncategorized | Comments Off on September 22 2014 Opening
Monday, September 22nd, 2014
Russia has a wealth fund which invests its nearly $92 billion in assets in the sovereign debt of low risk nations. As a response to the sanctions imposed on Russia by the industrialized world , Russia is considering a diversification strategy which over time would place most of those funds ...
Posted in Uncategorized | Comments Off on Russia Debt Fund to Consider Diversification
Sunday, September 21st, 2014
In my previous post I wrote that some housing turmoil in China and G 20 comments about excessive risk taking had led to an episode of risk aversion this evening. I cut and pasted the story about China housing but did not include anything on the G 20 story. Here ...
Posted in Uncategorized | Comments Off on G 20 on Excessive Risk Taking
Sunday, September 21st, 2014
Equity futures are off 10 S and P points and Treasuries have continued to post solid gains. The 10 year note yields 2.55 as I compose this evening missive. One fully paid up subscriber based in Asia wrote that a Market News International story regarding the collapse of the housing ...
Posted in Uncategorized | Comments Off on Evening Update