Archive for November, 2014
Thursday, November 20th, 2014
Via Marc Chandler at Brown Brothers Harriman:
Weaker Euro-Area PMI Weighs on Markets
- The FOMC minutes revealed that some officials were more concerned about a further breakdown in long-term inflation expectations than they were about growth faltering
- As most had already assumed, the FOMC is not in any hurry to raise ...
Posted in Uncategorized | Comments Off on FX
Thursday, November 20th, 2014
Prices of Treasury coupon securities have surged in overnight trading as a gaggle of European economic data reinforces the view that the economy on the continent is decidedly less than festive. The Markit group releases data each month on composite PMI, manufacturing PMI and services PMI. So if you observe ...
Posted in Uncategorized | Comments Off on November 20 2014 Opening
Thursday, November 20th, 2014
This is an excellent piece on credit spreads by my friend and former colleague Steve Liddy. He wrote this November 18 at about 1100PM but the thrust of it is still quite valid and worthwhile. Today was one of those days where life intervened and I did light blogging only ...
Posted in Uncategorized | Comments Off on Guest Post on Credit Spreads
Wednesday, November 19th, 2014
ALIBABA GROUP HOLDING LIMITED (BABA)
$BENCHMARK
3YR FXD-FRN / 5YR FXD-FRN / 7YR / 10YR / 20YR
A1/A+/A+
144A W/ REG S W/ RR
SENIOR UNSECURED NOTES
5YR: 1MOS PAR CALL PRICE TALK: 3YR +80A
7YR: 2MOS PAR CALL 5YR +110A
10YR: 3MOS ...
Posted in Uncategorized | Comments Off on Alibaba Price Talk
Wednesday, November 19th, 2014
Via Eric Green at TDSecurities:
The FOMC minutes from the October 29th meeting reflected a balanced discussion on economic concerns that feels less hawkish than the post-meeting statement, one that emphasized diminished labor slack and a view that the roll over in inflation expectations is likely temporary. The minutes by their ...
Posted in Uncategorized | Comments Off on FOMC Analysis
Wednesday, November 19th, 2014
Via Bloomberg:
Alibaba Group to Sell $Benchmark Debt in Seven-Part Offering
Nov. 19 (Bloomberg) -- May price tomorrow in New York afternoon.
* Sr unsecured notes
* 144A with registration rights / Reg S
* Proceeds to repay certain of our existing credit facilities
and for general corporate purposes
* Make-Whole-Calls
* Par call 1 month prior to ...
Posted in Uncategorized | Comments Off on Ali Baba
Tuesday, November 18th, 2014
Via Merrill Lynch:
Stable leverage, less cash in 3Q. With most companies having reported 3Q results, we update our estimate of US high grade non-financial issuer fundamentals. Note that at this point the estimates are preliminary, based on the actual values when available and projections for credits that have not yet ...
Posted in Uncategorized | Comments Off on Merrill Lynch Research on Eclectic Topics
Tuesday, November 18th, 2014
Via Bloomberg:
Iron Ore Bear Market Deepens as China Home Prices Spur Concern
By Jasmine Ng Nov 18, 2014 7:10 PM ET
Iron ore extended a tumble to the lowest level in more than five years as declining home prices in China added to concern that an economic slowdown in the biggest buyer ...
Posted in Uncategorized | Comments Off on Bear Market in Iron Ore
Tuesday, November 18th, 2014
Via the FT:
Weak energy prices lower US inflation expectations
Michael Mackenzie in New YorkAuthor alerts
Long-term market measures of US inflation touched a three-year low on Tuesday with weaker oil prices and a stronger dollar dulling investor appetite for owning inflation insurance.
The 10-year US break-even inflation rate currently predicts consumer prices will ...
Posted in Uncategorized | Comments Off on More on TIPS
Tuesday, November 18th, 2014
TIPS continue to lag in the Treasury market and face a major test on Thursday when the Treasury auctions a batch of 10 year TIPS.
Breakevens are closing at new cycle lows today. Five year breaks are at 153 versus 154 at this time yesterday. Ten year breaks have edged lower ...
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