Archive for November, 2014
Thursday, November 13th, 2014
Via WSJ:
ATHENS—Greek financial markets slumped Wednesday, extending steep losses from a day earlier amid growing fears of renewed political instability and worries that the country may leave its bailout program before it is ready.
As stocks fell elsewhere in Europe and in the U.S., the Athens Stock Exchange’s general index closed ...
Posted in Uncategorized | Comments Off on Greek Tragedy
Thursday, November 13th, 2014
Hilsenrath opines on China as "global wild card" on decline in inflation.
Via jon Hilsenrath at WSJ:
HILSENRATH’S TAKE
The U.S. and China have announced a slew of deals on the environment, security, trade and travel during President Obama’s travels east. Perhaps less noticed was news out earlier this week which paints a disturbing ...
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Thursday, November 13th, 2014
Via Bloomberg:
Dudley Says Market Overstates Drop in Inflation Expectations
2014-11-13 08:30:00.10 GMT
By Matthew Boesler
Nov. 13 (Bloomberg) -- Federal Reserve Bank of New York
President William C. Dudley dismissed the drop in a market-based
measure of inflation expectations and expressed optimism that a
stronger economy would allow tightening to start in 2015.
“Several of the various ...
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Wednesday, November 12th, 2014
Via Ian Lyngen at CRT Capital:
*** The auction was soft with a 0.3 bp tail and non-dealer bidding at 58.1% vs. 66% norm ***
* 10-year auction stops at 2.365% vs. 2.362% 1-pm bid WI.
* Dealers were awarded 42% vs. 34% average of last four 10-year Refundings.
* Indirects get 44.7% vs. ...
Posted in Uncategorized | Comments Off on Ten Year Result
Wednesday, November 12th, 2014
Via Ian Lyngen at CRT Capital:
Today at 10:27 AM
We are cautious about the prospects of taking down the 10-year refunding at current levels and anticipate a more meaningful concession either ahead of 1pm or at the auction itself in the form of a modest tail. All five of the most ...
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Wednesday, November 12th, 2014
Via Bloomberg:
+------------------------------------------------------------------------------+
BFW 11/10 14:53 IG CREDIT: List of New Issues Expected to Price in U.S. Today
BFW 11/07 14:59 IG CREDIT: List of New Issues Expected to Price in U.S. Today
+------------------------------------------------------------------------------+
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2014-11-12 14:55:05.503 GMT
By James Holloway
Nov. 12 (Bloomberg) -- The following ...
Posted in Uncategorized | Comments Off on New Issues
Wednesday, November 12th, 2014
Mortgages are 1+ to 2 ticks wider to Treasuries amidst very light activity. There was some foreign buying overnight and some light origination selling this morning. The Fed will be buying in a little less than an hour and one dealer thought the Fed purchase would (in his words) clean ...
Posted in Uncategorized | Comments Off on MBS
Wednesday, November 12th, 2014
The Treasury market continues well bid and yields are a tad lower than when I wrote at 530AM. In addition the curve is a tad steeper than it was back at that ungodly hour. I see 5s 30s at 144 now versus 143.1 earlier. The 10s 30s spread has steepened ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Wednesday, November 12th, 2014
Two year swap spreads are 1/8 basis point tighter this morning and 5 year spreads are 1/4 tighter. Ten year spreads are 3/4 basis point tighter and 30 year spreads are 1/2 basis point tighter.
One portfolio manager said dealers report central bank and foreign real money receivers overnight pushing spreads ...
Posted in Uncategorized | Comments Off on Swap Spreads
Wednesday, November 12th, 2014
I do not have time to copy but the JPM survey has the largest number of active longs since January 2014.
Posted in Uncategorized | Comments Off on JPM Duration Survey