Archive for January, 2015

Corporate Issuance Thus Far

Thursday, January 15th, 2015

Via Bloomberg: IG CREDIT: List of New Issues Expected to Price in U.S. Today 2015-01-15 15:01:11.803 GMT By Greg Chang (Bloomberg) -- The following is a list of new issues expected to price today: * Kingdom of Sweden $2.5b Aaa/AAA * 3Y; 144A/Reg S * Spread set MS -6 vs IPT MS -5 area * Books: Barclays, C, NORDEA * ...

Morning Data Review

Thursday, January 15th, 2015

Via Stephen Stanley at Amherst Pierpont Securities: At the risk of deterring you from reading the remainder of this note, the bottom line on this morning’s data is that it is all but meaningless.  But you should read on, as I will give a brief preview of the December CPI after ...

On the Swiss Bank Action

Thursday, January 15th, 2015

Via Kit Juckes at SocGen: The SNB decision to remove the EUR/CHF 1.20 floor will lead to EUR/CHF volatility as the market tries  to find a new equilibrium for this cross, and as the SNB tries different means (USD/CHF intervention, negative rates, possibly further measures including captial controls down the line?) ...

Lots to Watch Today

Thursday, January 15th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) Economic Data * 8:30am: Empire Manufacturing, Jan., est. 5 (prior -3.58) * 8:30am: PPI Final Demand m/m, Dec., est. -0.4% (prior -0.2%) * PPI Final Demand y/y, Dec., est. 1% (prior 1.4%) * PPI Ex Food and Energy m/m, Dec., est. 0.1% (prior 0%) * PPI Ex Food ...

Reminiscences of an Old Bond Trader

Thursday, January 15th, 2015

Note futures are back to 130 which is where they sat at the time of bond auction yesterday. The bond contract is 6 ticks shy of 150 which is where it sat at auction time. I dont watch the ultra but someone told me that trades at 175.Seems like that ...

January 15 2015 Opening

Thursday, January 15th, 2015

Prices of Treasury coupon securities have registered modest gains when viewed against levels which prevailed in New York at about 500PM yesterday. The yield curve has steepened as the digestion and distribution of the recent spate of long end supply continues. In addition both the Swiss National Bank and the ...

Notes on Issuance

Thursday, January 15th, 2015

Via Bloomberg: BFW 01/14 10:30 IG CREDIT PIPELINE: KUNTA, MQGAU to Price; JPM Exits Blackout IG CREDIT PIPELINE: Akbank to Price Today; Serial Jan. Issuers 2015-01-15 10:52:45.385 GMT By James Holloway (Bloomberg) -- Expected to price today: * Akbank (Baa3/--/BBB-) $500m 5Y (no-grow) via Barclays, Citi, GS, ING, Mizuho, Standard Chartered; IPT MS+287.5bps area The following deals may ...

FX

Thursday, January 15th, 2015

Via Marc Chandler at Brown Brothers Harriman: Swiss Surprise - Seemingly out of the blue, the Swiss National Bank abandoned its cap in the Swiss franc (euro floor) and moved deeper into negative interest rates - The euro collapsed from just above CHF1.20 to a little below CHF0.8520 before what looked like intervention ...

Weak Auction

Wednesday, January 14th, 2015

Via CRT Capital: *** The auction was weak (albeit at the highs) with a 2.0bp tail and non-dealer bidding at 62.6% vs. 69% norm *** * 30-year auction stops at 2.430% vs. a 2.410% 1-pm bid WI. * Dealers were awarded 37.4% vs. 31% average of last four 30-year Reopenings. * Indirects get 48.9% ...

Auction Thoughts

Wednesday, January 14th, 2015

Via Richard Gilhooly at TDSecurities: Today at 12:32 PM The $13bn 30yr bond auction is upon us and the record low auction stop from July 2012, at 2.58%, is about to be replaced by a new record low today. With equities under-going a decent correction and copper in free-fall, there ...