Archive for January, 2015
Wednesday, January 7th, 2015
Via Bloomberg:
+------------------------------------------------------------------------------+
IG CREDIT: $18.6b to Price; Weekly Volume to $31.6b
2015-01-07 19:25:10.947 GMT
By Lisa Loray
(Bloomberg) -- $18.6b is expected to price from 14 issuers
today; weekly volume to $31.6b.
* 33.3% of today’s issuance corporate, 26.3% financial, 32.3%
SAS and 8.1% EM
* 61% of today’s volume has maturities of 5Y or shorter
* 5 FRNs ...
Posted in Uncategorized | Comments Off on Big Day for Issuance
Wednesday, January 7th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Most of the key elements in the December FOMC minutes were covered in Chair Yellen’s press conference, underscoring how important those sessions have become in adding color to the FOMC statement on FOMC days.
Economic Situation:
I was struck by the degree of agreement with regard ...
Posted in Uncategorized | Comments Off on More on FOMC Minutes
Wednesday, January 7th, 2015
Via Chris Low at FTN Financial:
The underlying message in the December Fed minutes is one of optimism about growth and an underscored commitment to raise rates this year, though probably not before April.
The key line is this one [emphasis added]:
“Participants generally stressed the need to communicate that the timing of ...
Posted in Uncategorized | Comments Off on FOMC Minutes
Wednesday, January 7th, 2015
Mortgages are a + to 2+ wider. Higher coupons are outperforming. 4.5s and higher coupons are actually tighter. Origination volume light as is end user flow.Dealers expect to see decent selling today by originators.
Posted in Uncategorized | Comments Off on MBS
Wednesday, January 7th, 2015
Some of today's deals:
GM Finance 5s and 10s
Arizona Public Service 5 year
Toyota Credit 3 year
Trans Canada Pipeline 3 year
EIB 5 year ( $4billion)
Kommualbanken 5 year
Santander 3 year
IADB 10 year ($ 2billion)
Some of these deals will have FRNs too which I chose not to list.
Posted in Uncategorized | Comments Off on Lots of Corporate Issuance
Wednesday, January 7th, 2015
Via TDSecurities:
The November trade deficit narrowed more than the market anticipated, falling to -$39.0B from a downwardly revised -$42.2B in the prior month. Our official 2.5% forecast for Q4 GDP factored in a roughly -0.50ppt drag to growth from net exports, with the narrowing deficit suggesting that the hit to ...
Posted in Uncategorized | Comments Off on Trade Balance
Wednesday, January 7th, 2015
Corporate Bond spreads are opening tighter this mornng.
1/6 CLOSE 1/7 OPEN CHANGE
C 24 136/133 134/131 -2
WFC 24 109/107 108/105 -1
BAC 24 136/133 134/131 ...
Posted in Uncategorized | Comments Off on Corporate Bond Spreads
Wednesday, January 7th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Jan. 2
* 8:15am: ADP Employment Change, Dec., est. 225k (prior 208k)
* 8:30am: Trade Balance, Nov., est. -$42b (prior -$43.4b)
Central Banks
* 2:00pm: Fed to release minutes from Dec. 16-17 FOMC meeting
* 6:30pm: Fed’s Evans speaks in Chicago
Posted in Uncategorized | Comments Off on What to Watch Today
Wednesday, January 7th, 2015
This topic is very much off the market's radar currently but I think that at some point this year it will reemerge as a topic of interest.
Via Bloomberg:
There's a Leadership Crisis in Chinese Property Firms -- They're Defaulting. Who's Next to Go?
By David Yong and Christopher Langner Jan 6, 2015 ...
Posted in Uncategorized | Comments Off on China Property Bonds
Wednesday, January 7th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Gains As Eurozone Slips Into Deflation
- Oil prices continue to slide, but equities are now going the other way
- Later in the session the FOMC minutes from the December meeting will be reported
- In contrast to the FOMC, the ECB remains firmly fixated ...
Posted in Uncategorized | Comments Off on FX