Archive for November, 2014
Friday, November 21st, 2014
Mario Draghi spoke overnight and pundits have placed a dovish spin on his speech. The WSJ story says that he added a new wrinkle with his statement that there is an urgency about getting inflation higher.
Via the WSJ:
By
Brian Blackstone and
Todd Buell
Updated Nov. 21, 2014 5:17 a.m. ET
FRANKFURT—European Central ...
Posted in Uncategorized | Comments Off on Draghi Speech Overnight
Thursday, November 20th, 2014
Via Merrill Lynch Research:
Full of energy, underweight on banks. We like Banks from a fundamental point of view as profitability benefits from the improving US economy and higher interest rates, while at the same time enhanced regulatory oversight protects bond holders. However, the time has finally come for us to ...
Posted in Uncategorized | Comments Off on Eclectic Stuff from Merrill Lynch
Thursday, November 20th, 2014
This is an interesting nugget via Bloomberg:
Distressed Debt in China? Ain’t Seen Nothing, DAC Says
By David Yong Nov 20, 2014 8:06 PM ET
(Corrects title in fourth paragraph.)
Bad debts in China are well underestimated because authorities persist in propping up weak companies and bailing out local investors, according to DAC Management ...
Posted in Uncategorized | Comments Off on Distressed Debt in China Undercounted
Thursday, November 20th, 2014
Bullard says the market anticipates rate hikes at meeting at which there is a press conference and that makes June a likely target. He suggests a press conference after every meeting so that traders can not game the system.
He looks for 3 percent growth next year and continued declines in ...
Posted in Uncategorized | Comments Off on Bullard Says Fed Boxed in on June 2015 Rate Hike
Thursday, November 20th, 2014
The Alibaba deal has been launched and will price sometime this afternoon. The last Bloomberg story I read said the book was an astounding $57 billion for $8 billion in bonds. The pricing process will now (as we speak ) involve a food fight as the leads allocate bonds. That ...
Posted in Uncategorized | Comments Off on Alibaba Pricing
Thursday, November 20th, 2014
Via a fully paid up subscriber:
Treasury auctioned $13bn in reopened 10yr TIPS at 0.497% versus a 1:00pm level of 0.503% so the auction came 06bps thru
0.6bp thru (6-auction average is 0.1bp thru)
Bid/Cover 2.57X (6-auction average 2.50X)
Indirects 62.4% (6-auction average 52.9%) **above average**
Directs 8.1% (6-auction average 10.0%)
Dealers 29.5% ...
Posted in Uncategorized | Comments Off on TIPS Result
Thursday, November 20th, 2014
Goldman Sachs with their best trade ideas for next year. There are six weeks until the calendar reads 2015 so I always think it is strange to issue that forecast now.
Goldman Sachs
Economic Research
Global Viewpoint – Issue No.: 14/02
Nov. 20, 2014
Our Top Trade Recommendations for 2015
We release the first eight of ...
Posted in Uncategorized | Comments Off on Goldman Sachs on 2015
Thursday, November 20th, 2014
Via Bloomberg:
BFW 11/20 15:41 *ALIBABA $BENCHMARK 10Y FIXED NOTES GUIDANCE +128-130
BFW 11/20 15:41 *ALIBABA $BENCHMARK 7Y FIXED NOTES GUIDANCE +115-117
+------------------------------------------------------------------------------+
*ALIBABA $BENCHMARK 20Y FIXED NOTES GUIDANCE +148-150
2014-11-20 15:41:41.100 GMT
Information from person familiar with the matter, who is not authorized to speak publicly and asked not to be identified.
--JAMES HOLLOWAY
-0- Nov/20/2014 15:41 ...
Posted in Uncategorized | Comments Off on Some Ali Baba Guidance
Thursday, November 20th, 2014
One dealer reports very heavy selling of 7s post the Philly Fed.
Posted in Uncategorized | Comments Off on Treasury Update
Thursday, November 20th, 2014
Via Stephen Stanley at Amherst Pierpont Securities:
The 10:00 indicators were not top shelf, but they were extremely robust.
Existing home sales advanced in October to a 5.26 million unit pace, the best reading in over a year. The data point to a market that is returning to health and normality. Distressed ...
Posted in Uncategorized | Comments Off on In re Philly Fed and Existing Home Sales