Archive for September, 2014
Wednesday, September 3rd, 2014
The Treasury market is more active than it had been when the calendar read August but the level of activity today is quite diminished from the level which prevailed just yesterday. There is certainly a bearish bias coursing through the market but several factors combine to restraint that bearish sentiment. Tomorrow ...
Posted in Uncategorized | Comments Off on Treasury Miscellany
Wednesday, September 3rd, 2014
Via Bloomberg at 930AM:
IADB B'Mark Aaa/AAA 2 yr Global
final spread ms -9
Republic of Finland B'Mark Aaa/AAA 5 yr 144A reg S
ipt ms -2 area
Commonwealth Bank of Australia B'Mark Aa2/AA- 2/4 part
3 yr fxd and/or frn, 5 yr fxd and/or frn
ipt 3 yr fxd + mid 50's
frn 3ml equiv
5 yr fxd ...
Posted in Uncategorized | Comments Off on Update on Corporate Flood
Wednesday, September 3rd, 2014
Mortgages had a great day yesterday as FNMA 3s outperformed Treasuries by 6 ticks. One analyst noted that yesterday was only the fourth time in 2014 that MBS had outperformed Treasury hedges by that much. The Fed was a big buyer yesterday but higher yields and steepening curve attracted hedge ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, September 3rd, 2014
The corporate bond market is opening mixed following the very heavy issuance parade yesterday. There was significant issuance in bank and finance sector paper yesterday and that continues this morning. Morgan Stanley has announced a 12 year and Abbey National is bringing a 5 year. Spreads in that sector have ...
Posted in Uncategorized | Comments Off on Corporate Spreads
Wednesday, September 3rd, 2014
Via Bloomberg:
Morgan Stanley B'Mark 12 yr sub debt
ipt T+200-205
asap
Posted in Uncategorized | Comments Off on The Flood Begins
Wednesday, September 3rd, 2014
Via Bloomberg:
IG CREDIT: Lowest Tuesday Volume of 2014; 4 Names Set to Price
2014-09-03 11:11:57.99 GMT
By Robert Elson
Sept. 3 (Bloomberg) -- The final Trace count for secondary
trading was $9.3b, the lowest Tuesday session of 2014, vs $5.4b
Friday and $11.4b the previous Tuesday. 10-DMA drops to $9.3b, a
new low for 2014; 10-DMA ...
Posted in Uncategorized | Comments Off on Secondary Corporate Bond Trading Yesterday
Wednesday, September 3rd, 2014
All Clients Long Neutral Short
Sept 02 2014 11 49 40
Aug 25 2014 13 53 34
Aug 18 2014 13 51 36
Active Clients
Sept 02 2014 8 31 61
Aug 25 2014 8 46 46
Aug 18 2014 8 38 54
In the all clients survey, the percent of longs decreased by 2, the percent of ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Wednesday, September 3rd, 2014
Expect another busy day of corporate issuance. This is what we know thus far about what will price today:
Via Bloomberg:
Wednesday - Sept 3
$b Inter-Americn Dev Bk (IADB) Aaa/AAA BAML/C/Daiwa/GS
Global 2Y MS -9
$b Republic of Finland (FINL) Aaa/AAA Barc/HSBC/JPM/Nordea
144a/Reg-S 5Y MS -2 area
$500m Bank Nederlandse Gemeenten (BNG) Aaa/AA+, 144a/Reg-S
2Y ...
Posted in Uncategorized | Comments Off on Corporate Issuance
Wednesday, September 3rd, 2014
Via Marc Chandler at Brown Brothers Harrriman:
- News that Ukraine and Russia have agreed on a cease-fire in east Ukraine was greeted enthusiastically by investors
- The divergence between Italy and Spain continues to widen, as evidenced by the PMI prints
- The well telegraphed reshuffling of the Japanese cabinet was announced
- ...
Posted in Uncategorized | Comments Off on FX
Wednesday, September 3rd, 2014
Kit Juckes is an FC strategist at SocGen. Here is an overnight note from him which comments on recent weakness in pound sterling.
Via Kit Juckes at SocGen:
Good Morning. Whatever the politics, the more divided the UK is, the weaker the pound will be. As the charts below show, sterling's correction ...
Posted in Uncategorized | Comments Off on Trashing Cable