Archive for September, 2014
Wednesday, September 10th, 2014
Mr Friedman thinks that a Yes vote for independence would seriously roil the world and spark independence movements across the globe. He provides potent historical context to support his argument.
Via Stratfor:
Scottish Independence Would Shake Up the Global System
By George Friedman, Stratfor
September 9, 2014
Polls released today showed for the first time ...
Posted in Uncategorized | 5 Comments »
Wednesday, September 10th, 2014
Via Bloomberg:
BofA’s Moore, Hartney Said to Depart as Job Cuts Loom in Trading
2014-09-10 15:47:30.305 GMT
By Hugh Son and Julia Verlaine
Sept. 10 (Bloomberg) -- Bank of America Corp. trading
executives David Moore and David Hartney departed as the firm
prepares to eliminate fixed-income and equities jobs worldwide,
according to people with knowledge of the ...
Posted in Uncategorized | Comments Off on Shrinkage But Not the Costanza Type
Wednesday, September 10th, 2014
Via Ian Lyngen at CRT Capital:
We are focused on the significant concession that’s been built in for this afternoon’s $21 bn 10-year reopening auction and highlight that yields are 20 bp higher than at the end of August. Volumes are above average (suggesting a meaningful setup) and investment fund allocations ...
Posted in Uncategorized | Comments Off on CRT Capital on 10 Year Note Auction
Wednesday, September 10th, 2014
Via Bloomberg:
IG supply 19.95 billion, well on its way to 30+ billion}
Monday was 8+ billion, yesterday a cool near 12 bllion
Today's supply looks to be +8
HSBC Holdings plc 3.75 bln Baa3/BBB(Fitch) 2 part Perps
Launched $1.5b Perp/NC5 5.625% vs 5.75% area guidance/5.75-6.00% IPT
Launched $2.25b Perp/NC10 6.375% vs 6.50% area guidance/6.50-6.75% IPT
hsbc
EBRD ...
Posted in Uncategorized | Comments Off on Updated Corporate List
Wednesday, September 10th, 2014
The Treasury yield curve has steepened since I wrote early this morning. The 5s 10s spread has moved from 74.4 to 75.3. The 5s 30s spread has widened 2 basis points to 149 from 147. Similarly the 10s 30s spread has widened from 72.6 to 73.7.
I am hearing of robust ...
Posted in Uncategorized | Comments Off on Ten Year Note Auction and Other Miscellany
Wednesday, September 10th, 2014
via Bloomberg:
HSBC Holdings plc 3.75 bln Baa3/BBB(Fitch) 2 part Perps
Launched $1.5b Perp/NC5 5.625% vs 5.75% area guidance/5.75-6.00% IPT
Launched $2.25b Perp/NC10 6.375% vs 6.50% area guidance/6.50-6.75% IPT
hsbc
EBRD 225mm Aaa/AAA tap 1.75% 6/2019
spread set ms -2 bnp,c,hsbc
The Kingdom of Bahrain acting through the ...
Posted in Uncategorized | Comments Off on Today’s List
Wednesday, September 10th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Sept. 5 (prior 0.2%)
* 10:00am: Wholesale Inventories m/m, July, est. 0.5% (prior
0.3%)
* Wholesale Sales m/m, July, est. 0.6% (prior 0.2%)
Central Banks
* 9:45am: Bank of England’s Carney speaks in Parliament
* 5:00pm: Reserve Bank of New Zealand seen maintaining ...
Posted in Uncategorized | Comments Off on What to Watch
Wednesday, September 10th, 2014
If you are desperate for yield park some money in 30 year Bahrain.
Via Bloomberg:
Kingdom of Bahrain - $1.25bn 30yr Launched @ 6.00%
Posted in Uncategorized | Comments Off on One for the Yield Whores
Wednesday, September 10th, 2014
Via Mark Chandler at Brown Brothers Harriman:
Sterling, Yen and Aussie in Focus
- Three issues dominate the foreign exchange market: the Scottish referendum, the data and policy guidance out of Japan, and the fall in the Australian dollar
- US 10-year yields are pushing above 2.50%, but the sell-off in the European ...
Posted in Uncategorized | Comments Off on FX
Wednesday, September 10th, 2014
Via Bloomberg:
IG CREDIT: Higher Trading Volume as IG Issuance Tops $1t YTD
2014-09-10 10:24:57.892 GMT
By Robert Elson
Sept. 10 (Bloomberg) -- The final Trace count for secondary
trading was $13.7b vs $10.6b Monday and $9.3b the previous
Tuesday. 10-DMA $10.9b; 10-DMA of only Tuesday sessions $12.4b.
* 144a trading added another $2.4b of IG volume
* ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday