Archive for January, 2015
Thursday, January 29th, 2015
Bloomberg reports that secondary market trading of corporate bonds yesterday was the highest since January 2005. I am not certain but it is my guess that the Trace system was inaugurated in 2005 and so that the volume yesterday is the highest since record keeping began.
Via Bloomberg:
IG CREDIT: Record High ...
Posted in Uncategorized | Comments Off on Record High Volume in Secondary Corporate Bond Trading
Thursday, January 29th, 2015
Shell Oil reported earnings this morning and as one would expect with the significant decline in oil prices it was a dismal performance. I think the more important point,however, is the company's decision to slash capital spending. The company said it will slash that spending by $15 billion over the ...
Posted in Uncategorized | Comments Off on Shell Oil to Slash Capital Spending
Wednesday, January 28th, 2015
When Nixon and Kissinger engaged in detente and rapprochement with China forty something years ago it was an amicable process. The current dictator of Cuba is not jumping at the olive leaf our Chamberlain like President has tossed in his direction as he made some hard line statements today about ...
Posted in Uncategorized | Comments Off on Not Exactly Detente
Wednesday, January 28th, 2015
This arrived earlier today from a fully paid up subscriber and is a collection of economist views on the FOMC statement earlier today.
Via a fully paid up subscriber:
Today at 2:34 PM
* HFE says Fed did not alter baseline views. "The most notable change was probably the inclusion of ...
Posted in Uncategorized | Comments Off on Smorgasbord of Reaction to FOMC
Wednesday, January 28th, 2015
Bank of America research piece today opines that the market is wrong and the FOMC is correct on rates. The author quotes a speech by New York Fed President Dudley who suggested that the FOMC may have to tighten more to drive long rates higher. He did not comment on ...
Posted in Uncategorized | Comments Off on Bank America Opines on Lift Off and Credit Spreads
Tuesday, January 27th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
This release is extremely weak. Virtually every key metric is disappointing for December and revised down for November. Business investment spending showed a brief spurt in Q2 and Q3, getting many economists excited that the long-awaited revival in business spending had finally arrived. As ...
Posted in Uncategorized | Comments Off on Very Weak Durable Goods Orders
Tuesday, January 27th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: Durable Goods Orders, Dec., est. 0.4% (prior -0.7%,
revised -0.9%)
* Durables Ex-Transportation, Dec., est. 0.6% (prior
-0.4%, revised -0.7%)
* Cap Goods Orders Nondef Ex Air, Dec., est. 0.9% (prior
0.0%, revised -0.5%)
* Cap Goods Ship Nondef Ex Air, Dec., est. 1% (prior 0.2%,
revised ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Tuesday, January 27th, 2015
Via Marc Chandler at Brown Brothers Harriman
Euro In the Crosscurrents
- Comments by SNB officials along with anecdotal reports of intervention lifted the euro-franc pair to the highest level since the breaking of the peg
- The changes in intra-EU political risk stemming from the Greek elections are multifaceted and continue to ...
Posted in Uncategorized | Comments Off on FX
Tuesday, January 27th, 2015
Prices of Treasury coupon securities have registered modest gains in a quiescent overseas session. The yield curve is on balance flatter though 10s 30s is actually a tad steeper. The yield on the Benchmark 5 year note has edged lower to 1.332 from 1.342. The yield on the 7 year ...
Posted in Uncategorized | Comments Off on January 27 2015 Opening
Tuesday, January 27th, 2015
Via the good folks at Bloomberg:
IG CREDIT: Secondary Trading Volume Falls
2015-01-27 10:51:09.952 GMT
By Robert Elson
(Bloomberg) -- Trace count for secondary trading ended at
$13.1b vs $16.6b Friday, the second highest Friday session since
Jan. 2005.
* 144a trading added $2b of IG volume vs $2.3b Friday
* 2 of the top-3 most active issues ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday