Archive for October, 2014
Tuesday, October 21st, 2014
Via Bloomberg:
LSTA Says CLO Retention Rules to Make Credit ‘Expensive, Scarce’
2014-10-21 15:25:18.573 GMT
By Shannon D. Harrington
Oct. 21 (Bloomberg) -- Final version of proposed risk
retention rules requiring managers or banks hold 5% of deals
will “negatively impact’ U.S. credit markets, LSTA Executive
Director Bram Smith says in e-mailed statement.
* ‘‘The LSTA is very ...
Posted in Uncategorized | Comments Off on Retention Rule to Make Credit Expensive
Tuesday, October 21st, 2014
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2014-10-21 13:49:01.628 GMT
By Greg Chang
Oct. 21 (Bloomberg) -- The following is a list of new
issues expected to price today.
* KFW $3b Aaa/AAA
* 3Y Global
* Launched MS -6 vs spread set MS -6 vs guidance MS -6 vs
IPT MS ...
Posted in Uncategorized | Comments Off on New Issues Today
Tuesday, October 21st, 2014
Two year spreads and three year spreads are a basis point tighter and the rest of the list is mostly unchanged.
In vol land one trader reports that the carry game is back in vogue with hedge funds selling vol. He notes that they are now believers in a range trade ...
Posted in Uncategorized | Comments Off on Swap Spreads
Tuesday, October 21st, 2014
Corporate bond spreads are opening tighter this morning. The IG 23 stands at 67 3/4 to 68 1/4 which is down 1 1/4 from the close. Long dated fianancial paper is 2 basis points to 5 basis points tighter. The 5 year JPM which priced last week at + 100 ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Tuesday, October 21st, 2014
All Clients Long Neutral Short
October 20 13 65 22
October 14 20 54 26
October 6 16 51 33
Active Client
Oct 20 8 75 17
Oct 14 17 58 25
Oct 6 18 45 36
In the all clients survey, the percent of longs decreased by 7, the percent of neutrals increased by 11, and the ...
Posted in Uncategorized | Comments Off on JPM Duration Survey
Tuesday, October 21st, 2014
Reuters is carrying a story which cites sources who report that the ECB might begin to buy corporate bonds. That story has bolstered the appetite for risk in Europe and US equities.
Posted in Uncategorized | Comments Off on ECB to Buy Corporate Bonds?
Tuesday, October 21st, 2014
Via Citibank:
EUROZONE VIEW: Citi says it expects any likely ECB QE to pull Bund yields "a bit lower from current levels" and has adjusted its Q4 target to 0.65% from 0.75%. Citi adds "more interesting is the Bund trajectory in the aftermath of such QE" and notes "inflation premia may ...
Posted in Uncategorized | Comments Off on Outlook for Bunds
Tuesday, October 21st, 2014
Via Marc Chandler of Brown Brothers Harriman
- The euro is lower after newswire reports that the ECB is considering buying corporate debt on the secondary market
- IBM stock plunged Monday after it reported poor earnings, and the company seemed to partially blame the strong dollar
- There was little new information ...
Posted in Uncategorized | Comments Off on FX
Tuesday, October 21st, 2014
Prices of Treasury coupon securities have registered very small changes when compared to levels which prevailed at the New York close yesterday. The yield on the benchmark 5 year note edged lower to 1.407 from 1.408. The yield on the benchmark 10 year note decreased to 2.189 from 2.192. The ...
Posted in Uncategorized | Comments Off on October 21 2014 Opening
Monday, October 20th, 2014
Via WSJ:
China’s Economy Grew at a Slower Pace in the Third Quarter
By
Richard Silk
Oct. 20, 2014 10:04 p.m. ET
BEIJING—China’s economy grew at a slower pace in the third quarter, suggesting that the government’s targeted easing measures to boost economic growth have not yielded expected results, official data showed Tuesday.
China’s ...
Posted in Uncategorized | Comments Off on China GDP