Archive for January, 2015
Tuesday, January 13th, 2015
Via CRT Capital and sorry for late delivery:
We are cautious about the prospects of taking down the 10-year reopening auction near the bottom of the yield range and anticipate a more meaningful concession either ahead of 1pm or at the auction itself in the form of a modest tail. The ...
Posted in Uncategorized | Comments Off on Auction Outlook
Tuesday, January 13th, 2015
I have been very busy in my role as grandfather so have not paid close attention to markets.
Notwithstanding that disclaimer I think the 10 year notehas cheapened on the curve and represents some relative value. This morning the 5s 10s spread was 52.3. I just clocked it at 53.4 so ...
Posted in Uncategorized | Comments Off on Ten Year Auction
Tuesday, January 13th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-01-13 15:03:46.435 GMT
By Greg Chang
(Bloomberg) -- The following is a list of new issues
expected to price today:
* KfW $benchmark Aaa/AAA
* 3Y Global
* Spread set MS -5 vs IPT MS -4 area
* Books: HSBC, NOM, TD
* Books: HSBC, NOM, ...
Posted in Uncategorized | Comments Off on New Issues today (So Far)
Tuesday, January 13th, 2015
1/12 CLOSE 1/13 OPEN CHANGE
GE 24 91/88 92/89 +1
WFC 24 109/106 110/107 +1
JPM 24 123/120 125/122 +2
BAC ...
Posted in Uncategorized | Comments Off on Corporate Spreads
Tuesday, January 13th, 2015
Mortgages opening 1 to 1+ tighter today. Lower prices are helping spreads to recover. In addition there was foreign buying overnight and the Fed is slated to buy today and in concert those factors are contributing to the benevolent mood in that market this morning.
Posted in Uncategorized | Comments Off on MBS
Tuesday, January 13th, 2015
Via Bloomberg:
RATES: Longs Fall in Latest JPM Treasury Survey
2015-01-13 12:11:33.729 GMT
By Robert Elson
(Bloomberg) -- The JPMorgan Treasury Client Survey for the
week ended Jan. 12 vs week ended Jan. 5.
* Longs 13 vs 17
* Neutrals 65 vs 66
* Shorts 22 vs 17
* Net longs -9 vs 0
* "The all clients survey ...
Posted in Uncategorized | Comments Off on JPMorgan Duration Survey
Tuesday, January 13th, 2015
Via the good folks at Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 9:00am: NFIB Small Business Optimism, Dec., est. 98.5 (prior
98.1)
* 10:00am: IBD/TIPP Economic Optimism, Jan., est. 48.7 (prior
48.4)
* 10:00am: JOLTS Job Openings, Nov., est. 4.850m (prior
4.834m)
* 2:00pm: Monthly Budget Statement, Dec., est. +$3b (prior
+$53.2b)
Central Banks
* 5:00pm: Fed’s Kocherlakota ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, January 13th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Oil Continues to Slide, Blowing Deflationary Winds
- The continued fall in oil remains one of the main features of the investment climate
- Lower bond yields are encouraging investors to move into equities
- The US corporate earnings season formally began with solid results by Alcoa ...
Posted in Uncategorized | Comments Off on FX
Tuesday, January 13th, 2015
Via the WSJ:
Commodities
Oil Extends Selloff on UAE Minister’s Comments
By
Georgi Kantchev
Updated Jan. 13, 2015 6:25 a.m. ET
LONDON—The oil market extended its selloff Tuesday, coming close to six-year lows, after the United Arab Emirates’ oil minister said the Organization of the Petroleum Exporting Countries would stand firm on its decision to keep ...
Posted in Uncategorized | Comments Off on UAE Minister on OPEC and OIL Prices
Tuesday, January 13th, 2015
Via Bloomberg:
CREDIT: Short Issues Most Active; ASIA, KFW Set to Price
2015-01-13 10:59:20.792 GMT
By Robert Elson
(Bloomberg) -- The final Trace count for secondary trading
was $12.4b, unchanged from Friday, vs $11.8b last Monday.
* 144a trading added $2.2b of IG volume vs $1.9b
* 8 of top-10 most active issues were 3 years or ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday