Archive for September, 2014
Tuesday, September 30th, 2014
Via a fully paid up subscriber:
ECB to Propose Buying Lower-Rated Greek, Cypriot Assets, FT
Says 11:28
Financial Times cites people familiar with the matter as
saying ECB Executive Board will propose that existing
requirements on the quality of assets accepted are relaxed to
allow purchases of senior tranches of Greek and Cypriot
asset-backed securities in ABS ...
Posted in Uncategorized | Comments Off on ECB Purchases
Tuesday, September 30th, 2014
Via Gennadiy Goldberg at TDSecurities:
Consumer confidence declined substantially in September according to the Conference Board survey, falling to 86.0 from an upwardly revised 93.4 last month – its lowest level since May. The decline appears to have been broad-based, with the current conditions index declining to 89.4 from 93.9 and ...
Posted in Uncategorized | Comments Off on Consumer Confidence
Tuesday, September 30th, 2014
Via Millan Mulraine at TDSecurities:
US manufacturing sector momentum weakened in September, with the Chicago PMI falling at a faster than expected pace to 60.5 from 64.3 the month before. This was a bigger drop than the market consensus for a decline to 62.0. However, despite the drop this indicator is ...
Posted in Uncategorized | Comments Off on Chicago PMI
Tuesday, September 30th, 2014
Swap spreads are unchanged to 1/4 tighter across the curve. I have heard of algorithmic types receiving in the belly. There is a 5 year World Bank deal and there is expectation that the deal will be swapped.
Posted in Uncategorized | Comments Off on Swap Spreads
Tuesday, September 30th, 2014
Long dated bank and finance paper is opening 2 basis points to 3 basis points tighter this morning. The IG 22 is tighter by 2 1/4 at 64 1/4 64 3/4.
Posted in Uncategorized | Comments Off on Corporate Spreads
Tuesday, September 30th, 2014
Via Bloomberg:
IG CREDIT: Two to Price; Sept. Highest Monthly Volume YTD
2014-09-30 11:33:30.97 GMT
By Lisa Loray
Sept. 30 (Bloomberg) -- No deals priced yesterday, two are
expected to price today.
* Including today’s issuance, Sept. will be the most active
month YTD
* IG calendar; DEXGRP, IBRD to price
* Secondary volume improved; credit indices continue to ...
Posted in Uncategorized | Comments Off on IG issuance
Tuesday, September 30th, 2014
All Clients Long Neutral Short
Sept 29 17 48 35
Sept 22 15 47 38
Sept 15 13 45 42
Actives
Sept 29 8 50 42
Sept 22 8 38 54
Sept 15 8 23 69
In the all clients survey, the percent of longs increased by 2, the percent of neutrals increased by 1, and the percent ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Tuesday, September 30th, 2014
This is a NYTimes article (interesting and very long) which revisits the demise of Lehman Brothers (an investment firm which failed six years ago and nearly brought down the Western financial system) and whether or not the Fed could have arranged some sort of marriage or bailout to save it.
Posted in Uncategorized | Comments Off on Lehman Bankruptcy Revisited
Tuesday, September 30th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 9:00am: ISM Milwaukee, Sept., est. 61 (prior 59.63)
* 9:00am: S&P/Case Shiller Home Priced m/m, July, est. 0.0%
(prior -0.2%)
* S&P/CS Composite 20 y/y, July, est. 7.4% (prior 8.10%,
revised 8.07%)
* S&P/CS Composite Index NSA, July, est. 174.45 (prior
172.33)
* 9:45am: Chicago Purchasing Manager, Sept., ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, September 30th, 2014
Via Bloomberg:
IG CREDIT: Volume Higher, Spreads Wider; NIPLIF Plans Meetings
2014-09-30 09:37:13.380 GMT
By Robert Elson
Sept. 30 (Bloomberg) -- The final Trace count for secondary
trading was $14b vs $12.5b Friday and $10.6b the previous
Monday. 10-DMA $13.5b; 10-DMA of only Friday sessions $9.2b.
* 144a trading added another $2.1b of IG volume
* BAC 2.65% ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday