Archive for October, 2014

Corporate Bond Spreads

Monday, October 27th, 2014

Corporate Bond Spreads are opening a tad wider this morning. Long dated financials are unchanged to a basis point wider and the IG 23 at 65 to 65 1/2 is 1/4 wider. Proctor and Gamble is a rare AA issuer and they are coming to market with a 5 year deal ...

Today’s Corporate issuance

Monday, October 27th, 2014

Via Bloomberg: 4-10-27 13:40:42.503 GMT By Greg Chang Oct. 27 (Bloomberg) -- The following is a list of new issues expected to price today. * Korea Expressway $benchmark A1/A+ * 3.5Y 144A/Reg S * IPT +125 area * Books: BofAML, C, DB, NOM * Books: BofAML, C, DB, NOM</li></ul> * Empresa Nacional del Petróleo $600m no grow Baa3/BBB- * 10Y 144A/Reg ...

Treasury Market Liquidity

Monday, October 27th, 2014

William O Donnell is a strategist with RBS Securities. In his morning note to clients today he offers some insight on the glaring lack of liquidity in the Treasury market. "The upshot is that secondary Treasury market liquidity has eroded sharply as one of our traders highlighted to me last week. ...

Goldman lowers Its Oil Price Forecast

Monday, October 27th, 2014

Via the FT Alphaville: ft.com > Comment > Blogs > FT Alphaville Goldman’s new improved view on the oil sell-off Izabella Kaminska Earlier this month Goldman Sachs put out a note arguing that whilst their overall view was still bearish, the oil price sell-off thus far had been too much too ...

Brazil Stocks Tumble

Monday, October 27th, 2014

Via Bloomberg: Brazil Stock ETFs Tumble on Rousseff as Petrobras Sinks By Filipe Pacheco Oct 27, 2014 5:43 AM ET Exchange-traded funds tracking Brazilian shares slid as President Dilma Rousseff’s re-election damped speculation for a change in policies that wiped out $553 billion of stock market value and left the economy in recession. The ...

What to Watch For Today

Monday, October 27th, 2014

Via the good folks at Bloomberg: WHAT TO WATCH: * (All times New York) Economic Data * 9:45am: Markit US Services PMI, Oct. preliminary, 57.8 (prior 58.9) * Markit US Composite PMI, Oct. preliminary (prior 59) * Markit US Composite PMI, Oct. preliminary (prior 59)</li></ul> * 10:00am: Pending Home Sales m/m, Sept., est. 1% (prior -1%) * Pending Home ...

FX

Monday, October 27th, 2014

Via Marc Chandler at Brown Brothers Harriman: Drivers for the Week Ahead - This will be a busy week between stress tests and data releases, which markets have taken as positively - Market expectations have settled down, and the Fed is widely expected to announce the finish of QE - Economic news for Europe ...

Secondary Market Trading of Corporate Bonds

Monday, October 27th, 2014

Via Bloomberg: IG CREDIT: Volume Lower; HIGHWY to Price; Pipeline Grows 2014-10-27 10:12:18.612 GMT By Robert Elson Oct. 27 (Bloomberg) -- The final Trace count for secondary trading was $11.4b vs $16.6b Thursday and $14.4b the previous Friday. 10-DMA at $14.9b; 10-DMA of only Friday sessions $10.3b. * 144a trading added another $2b of IG volume * AAPL ...

October 27 2014 Opening

Monday, October 27th, 2014

Prices of Treasury coupon securities have registered modest yield increases over the weekend. There is no salient theme this morning. Most major equity markets declined but quite modestly. The dollar has slipped against the Euro, sterling , yen, Cad and Aussie but the declines are modest here,too. The dollar has ...

Reducing the Cash Pile

Monday, October 27th, 2014

I think this is a very important article by Robin Harding at the Financial Times. Mr Harding writes that the cash hoard which corporate America has accumulated over the last several years is beginning to run down for the first time since 2009. Mr Harding properly points out that this ...