Archive for September, 2014
Saturday, September 13th, 2014
A bevy of polls released today makes the vote on Scottish independence on Thursday too close to call.
Via the Telegraph:
By Tim Ross, and Peter Dominiczak
9:30PM BST 13 Sep 2014
Polling experts said the Scottish independence referendum was “too close to call” on Saturday night as a clutch of surveys gave ...
Posted in Uncategorized | Comments Off on Scotland Polls
Saturday, September 13th, 2014
Via Merrill Lynch Research:
Decompression. According to our fresh September '14 US credit survey high grade investors remain overwhelmingly overweight, despite a small decline in positions, while high yield investors have partially rebuilt their overweight from July's lows. While generally the dominant view remains that credit spreads are overvalued, clearly the ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Credit Spreads
Saturday, September 13th, 2014
Martin Wolfe on the FT opines on the messy divorce which will ensue if the Scots vote for independence.
Via the FT:
September 12, 2014 7:07 pm
What happens after a Yes vote will shock the Scots
By Martin Wolf
However amicably a divorce begins, that is rarely how it ends. Talks will be bitter ...
Posted in Uncategorized | Comments Off on Messy Divorce
Saturday, September 13th, 2014
Via the WSJ:
Economy
Resurgent U.S. Dollar Fuels Rally
Longest Winning Streak in 17 Years Helps Drive Demand for U.S. Stocks, Bonds
By
Ira Iosebashvili,
Dan Strumpf and
Min Zeng
Sept. 12, 2014 6:59 p.m. ET
A resurgent dollar is bolstering global demand for U.S. stocks and bonds as investors flock to a recovering American economy.
The dollar has logged ...
Posted in Uncategorized | Comments Off on The Mighty Greenback
Friday, September 12th, 2014
This is an interesting article on the relationship between Puerto Rico and the hedge funds who believed they had uncovered value in the Commonwealth's bonds.
Posted in Uncategorized | Comments Off on Puerto Rico and the Hedge Funds
Friday, September 12th, 2014
Earlier this week I linked to a blog post of George Washington University law professor Jonathan Turley who excoriated President Obama for unilaterally deciding on his own that he could engage in hostilities with the radical Islamist group ISIL. Today there is an op ed piece in the NYTimes which ...
Posted in Uncategorized | Comments Off on More on the Imperial Presidency
Friday, September 12th, 2014
Via Rich Gilhooly at TDSecurities:
Bonds continued to leak to higher yields through the day, even as equities moved sharply lower, as the overhang from the bond auction and duration extension owing to a significant bear steepening led to increased needs to shed duration into a falling market. The 10yr note ...
Posted in Uncategorized | Comments Off on End of Day Commentary Via Richard Gilhooly
Friday, September 12th, 2014
I have not written much this week on corporate bond spreads this week. I just conversed with a syndicate desk manager regarding spreads and the state of the market.
This week , in spite of the back up in the Treasury market rates, corporate bond spreads performed admirably. Energy was the ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Friday, September 12th, 2014
Via Bloomberg:
IG CREDIT: Weekly Issuance Stats; Tenors, Ratings, Sectors
2014-09-12 14:34:29.989 GMT
By Lisa Loray
Sept. 12 (Bloomberg) -- $39.025b priced from 36 issuers in
57 tranches for the week ending September 12, the 10th highest
YTD, according to data compiled by First Word.
* Monthly volume $97.125b, YTD volume $1.024t
* Corporates (41.7%) outpaced financials (34.2%); ...
Posted in Uncategorized | Comments Off on Corporate Bond Issuance Stats
Friday, September 12th, 2014
The bond market continues to sell off though there seems to be a little stability around 2.60 in 10s for the moment. The curve continues to steepen and is steeper than where it was at 500AM this morning (which was steeper than last evening levels). I think the street went ...
Posted in Uncategorized | 5 Comments »