Archive for November, 2014
Monday, November 3rd, 2014
Two year swap spreads are unchanged this AM. Five year swap spreads are 1/4 basis point tighter. Ten year spreads and thirty year spreads are each 1/2 basis point tighter. At this early hour I have not heard of any particularly interesting flows.
Traders still expect a window of opportunity over ...
Posted in Uncategorized | Comments Off on Swap Spreads
Monday, November 3rd, 2014
All you ever want to know about corporate bond issuance in October via the good folks at Bloomberg:
IG CREDIT: October Monthly Issuance Stats
2014-11-03 12:34:03.847 GMT
By Lisa Loray
Nov. 3 (Bloomberg) -- $103.48b priced from 84 issuers in
124 tranches in October.
* YTD volume $1.196t
* There were only two double digit sessions this ...
Posted in Uncategorized | Comments Off on October’s Corporate Bond Issuance Recap
Monday, November 3rd, 2014
Good Morning to all.
Long dated financials are opening unchanged to a basis point wider this morning.
The IG23 is 1/4 wider at 63 3/4 to 64 1/4.
Posted in Uncategorized | Comments Off on Corporate Bond Spreads
Monday, November 3rd, 2014
Jon Hilsenrath writes about the election and opines that the impending GOP victory will bring a clamor for rules based monetary policy such as the "Taylor rule" proposed by Stanford Professor John Taylor.
Ms Yellen has expressed her opposition to such a rigid mechanical rule.
Via Jon Hilsenrath and the WSJ:
HILSENRATH’S TAKE: ...
Posted in Uncategorized | Comments Off on Hilsenrath on the Midterm and Fed Policy
Monday, November 3rd, 2014
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 9:45am: Markit US Manufacturing PMI, Oct, final, est. 56.2
(prior 56.2)
* 10:00am: ISM Manufacturing, Oct., est. 56.2 (prior 56.6)
* ISM Prices Paid, Oct., est. 58 (prior 59.5)
* ISM Prices Paid, Oct., est. 58 (prior 59.5)</li></ul>
* 10:00am: Construction Spending, Sept., est. 0.7% (prior
-0.8%)
* ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Monday, November 3rd, 2014
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
- There are three elements to the current investment climate: Â 1) the divergence between the US on one hand and Europe and Japan on the other; 2) the drop in many commodity prices, including oil; and 3) the slowing of ...
Posted in Uncategorized | Comments Off on FX
Monday, November 3rd, 2014
Via Bloomberg:
IG CREDIT: ARCP Most Active; MTN to Price; AAPL Investor Calls
2014-11-03 10:52:39.31 GMT
By Robert Elson
Nov. 3 (Bloomberg) -- The final Trace count for secondary
trading was $12.6b vs $14.2b Thursday and $11.4b the previous
Friday. 10-DMA at $14.5b; 10-DMA of only Friday sessions $11.2b.
* 144a trading added another $2b of IG ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Friday
Monday, November 3rd, 2014
With the holiday in Japan client flows were on the light side. The only notable flow of which I am aware is clients selling the 2 year sector and extending out to 3s.
Posted in Uncategorized | Comments Off on Client Flows
Monday, November 3rd, 2014
Prices of Treasury coupon securities have registered bifurcated results in a lackluster overnight session in which Tokyo was closed for a holiday. Benchmark Treasuries issues with shorter maturities have seen yields climb higher (modestly). The yield on the benchmark 2 year note climbed to .505 from .493 at the close ...
Posted in Uncategorized | Comments Off on November 3 2014 Opening
Monday, November 3rd, 2014
Via the FT:
EconomyEurozone manufacturing PMI revised down
The eurozone's manufacturing activity expanded in October, but the final figure was revised modestly down from the initial flash figures and remains dangerously weak as the eurozone flirts with yet another economic recession.
The purchasing managers' index (PMI) for manufacturing edged up to 50.6 last ...
Posted in Uncategorized | Comments Off on Euro Zone Manufacturing Surveys: Sluggish