Archive for September, 2014
Thursday, September 4th, 2014
Via Richard Gilhooly at TDSecurities:
So, the ECB did not underwhelm this time by cutting the main refi rate to 5bp and taking 10bo off across the board, allowing short-end Europe to trade more negative with the deposit rate at -20bp. The ABS purchase program was hinted at last week when ...
Posted in Uncategorized | Comments Off on TDSecurities on ECB and Yield Curve
Thursday, September 4th, 2014
The yield curve is in a frenzy with ECB cutting rates more deeply negative. As I compose this electronic missive I see 5s 30s at 150 . That spread was 146.5 at 530AM. Similarly the 10s 30s spread has moved to 75.8 from 74.1 early this morning.
What factors are motivating ...
Posted in Uncategorized | Comments Off on Treasury market update
Thursday, September 4th, 2014
The list is a little less exhaustive than the prior two days but quite respectable given the magnitude of the earlier flows.
Via Bloomberg:
The Province of Ontario B'Mark Aa2/AA- 7 yr Global
spread set ms+ 34
Kommuninvest 500mm Aaa/AAA 2 yr
spread set ms -2
Credit Suisse AG acting through NY Branch B'Mark A1/A ...
Posted in Uncategorized | Comments Off on Corporate issuance
Thursday, September 4th, 2014
Long financial paper opening mostly unchanged. The IG 22 is 3/4 basis point tighter at 56 mid.
Posted in Uncategorized | Comments Off on Corporates
Thursday, September 4th, 2014
Via a fully paid up subscriber:
BN 09/04 12:47 *DRAGHI SAYS QE WAS DISCUSSED
BFW 09/04 12:47 *DRAGHI: PROGRAM’S COMPLEXITY MAKES JUDGEMENT ON SIZE DIFFICULT
BN 09/04 12:47 *DRAGHI: PROGRAM'S COMPLEXITY MAKES JUDGEMENT ON SIZE DIFFICULT
BFW 09/04 12:46 *DRAGHI: PURPOSE OF COVERED BOND PROGRAM DIFFERENT THAN PREVIOUS
BN 09/04 12:46 *DRAGHI: PURPOSE OF COVERED ...
Posted in Uncategorized | Comments Off on Draghi Headlines
Thursday, September 4th, 2014
With the ECB lowering rates and expectations of something dovish and bullish from the Draghi press conference Eurpean bonds are screaming. When I wrote early this morning (about 520AM) 10 year Bunds to US was - 145.5. That spread is now -148. Similarly 10 year Spain to US was -13.6 ...
Posted in Uncategorized | Comments Off on Morning Miscellany
Thursday, September 4th, 2014
We are about two months from the mid term elections and Nate Silver of ESPN and the 538 blog forecasts a 64 percent probability that the GOP will take back the Senate from the barbarians who currently control it.
Posted in Uncategorized | 8 Comments »
Thursday, September 4th, 2014
Via the WSJ:
Grand Central: Friday’s Jobs Report Next Clue on Likely Fed Policy Path
The Wall Street Journal’s Daily Report on Global Central Banks for Thursday, September 4, 2014:
HILSENRATH’S TAKE: Friday’s Jobs Report Next Clue on Likely Fed Policy Path
During the past 12 months, the U.S. jobless rate has fallen by ...
Posted in Uncategorized | Comments Off on Hilsenrath Speaks
Thursday, September 4th, 2014
Via Reuters:
Here is link to full story on ECB and ABS purchases.
Posted in Uncategorized | Comments Off on ECB ABS Purchase Story
Thursday, September 4th, 2014
These headlines stirring market and responsible for Bund sell off on no QE in govies.
looks like these headlines (attached) stirred ECB expectation this AM in Ldn trading
*ECB GOVERNING COUNCIL DISCUSSING ABS/COVERED BOND PURCHASE PLAN AT TODAY'S MEETING - PEOPLE FAMILIAR WITH DISCUSSIONS
*PROGRAMME WOULD BE WORTH UP TO 500 BLN EUROS ...
Posted in Uncategorized | Comments Off on Headlines