Archive for October, 2014
Wednesday, October 8th, 2014
Via Richard Gilhooly at TDSecurities:
Intermediates led a powerful rally and steepened the curve significantly today as the market re-assessed the FOMC message from September 17. Instead of being the Hawkish rant and harbinger of aggressive rate hikes, it turns out the meeting was a similarly Dovish affair that in fact ...
Posted in Uncategorized | Comments Off on End Of Day Analysis
Wednesday, October 8th, 2014
This is a story which was out earlier while I was enjoying lunch in Manhattan. Hilsenrath writes that FOMC solons have apprehensions about the weak pace of growth overseas and the strength of the dollar.
Via the WSJ and Jon Hilsenrath:
Fed Officials More Concerned About Overseas Growth, Strong Dollar
Fed Minutes Point ...
Posted in Uncategorized | Comments Off on Hilsenrath Story
Wednesday, October 8th, 2014
The World Bank has published a study which gauges the economic costs of the Ebola outbreak over the next two years. It pegs the cost in a worst case scenario at about $32 billion.
Via TheHill.com:
By Sarah Ferris - 10/08/14 10:57 AM EDT
The economic impact of the deadly Ebola outbreak in ...
Posted in Uncategorized | Comments Off on Economics of Ebola
Wednesday, October 8th, 2014
Via Ian Lyngen of CRT Capital:
We are cautious about the prospects of taking down the 10-year reopening auction at the bottom of the yield range and anticipate a more meaningful concession either ahead of 1pm or at the auction itself in the form of a modest tail. The proximity to ...
Posted in Uncategorized | Comments Off on Ten Year Auction
Wednesday, October 8th, 2014
Swap spreads are tighter across the curve today. Two year spreads ar in 1/2 basis point and 5 year spreads are in 1/4 basis points. Ten year spreads are in 1 basis point and 30 year spreads have tightened 5/8 basis point.
There was some chunky issuance in the 10 year ...
Posted in Uncategorized | Comments Off on Swap Spreads
Wednesday, October 8th, 2014
The Treasury yield curve is steepening as well it should with Jack Lew and his subalterns about to drop some duration in the long end with an auction today of 10s and an auction tomorrow of 30s. The 5s 30s spread is 143.9 currently after opening early this morning at ...
Posted in Uncategorized | Comments Off on Market Musings and Miscellany
Wednesday, October 8th, 2014
Long dated bank and finance paper opening 1 tighter today. The IG 23 opening 3/4 tighter at 68 3/4 to 69 1/4.
Posted in Uncategorized | Comments Off on Corporate Bonds
Wednesday, October 8th, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Oct. 3 (prior -0.2%)
Central Banks
* 8:00am: Fed’s Evans speaks in Wisconsin
* 2:00pm: Fed releases minutes from Sept. 16-17 FOMC meeting
Supply
* 1:00pm: U.S. to sell $21b 10Y notes in reopening
Posted in Uncategorized | Comments Off on What to Watch Today
Wednesday, October 8th, 2014
Via Bloomberg:
NY Fed’s Potter Says IOER Rate to Pull Short-Term Rates Higher
2014-10-07 21:19:45.953 GMT
By Alexandra Harris
Oct. 7 (Bloomberg) -- NY Fed’s Simon Potter said interest
on excess reserves (IOER) rate may act as a “magnet,”
eventually pulling fed funds and other short-term rates toward
the 25bp rate, contrary to Barclays strategist Joseph Abate, ...
Posted in Uncategorized | Comments Off on Regarding IOER
Wednesday, October 8th, 2014
Via Bloomberg:
IG CREDIT: Volume 10-DMA Highest Since March; Q, EIB to Price
2014-10-08 10:04:15.859 GMT
By Robert Elson
Oct. 8 (Bloomberg) -- The final Trace count for secondary
trading was $16.2b vs $13.1b Monday and $16.7b the previous
Tuesday. 10-DMA $14.95b, the highest level since $14.97 was seen
March 11; $15.6b was the high for 2014 ...
Posted in Uncategorized | Comments Off on Secondary Market Trading in Corporates