Archive for January, 2015
Monday, January 5th, 2015
We are closing in on 100 years since the disastrous inflation struck Germany in the post WW1 era. Today we are at the opposite pole as inflation is somnolent and there is no sign of the general populace roaming the streets as they did in the Weimar Republic days with ...
Posted in Uncategorized | Comments Off on German Inflation
Monday, January 5th, 2015
Via a fully paid up subscriber:
1/2 CLOSE 1/5 OPEN CHANGE
C 24 130/127 131/128 +1
WFC 24 104/101 105/102 +1
BAC 24 130/127 132/129 ...
Posted in Uncategorized | Comments Off on Corporate Spreads
Monday, January 5th, 2015
Via Bloomberg:
IG CREDIT: Dealer Positions in Coupons Fall Slightly
2015-01-05 11:43:34.137 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in corporate bonds fell
$5.2b to $28.3b as of Dec 24. $45.9b, seen March 5, 2014 was the
high for the series Fed began April 2013; $23b low was in Aug
2013.
* Investment grade positions:
* Short issues ...
Posted in Uncategorized | Comments Off on Dealer Positions
Monday, January 5th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:30am: RBC Consumer Outlook Index, Jan. (prior 53.3)
* 9:45am: ISM New York, Dec. (prior 62.4)
* Wards Domestic Vehicle Sales, Dec., est. 13.70m (prior
13.78m)
* Wards Total Vehicle Sales, Dec., est. 16.90m (prior
17.08m)
* Wards Total Vehicle Sales, Dec., est. 16.90m (prior
17.08m)</li></ul>
Supply
* 11:00am: U.S. ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Monday, January 5th, 2015
Via Mark Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
1. De-synchronized business cycles persist with the US ahead of the pack
2. The prospects of sovereign bond purchases by the ECB, amid political uncertainty sparked by Greece’s snap election
3. The continued drop in energy prices is a stimuluative factor, but ...
Posted in Uncategorized | Comments Off on FX
Monday, January 5th, 2015
Worries abound regarding the outcome of the upcoming Greek election and those concerns have prompted a surge in Greek yields.
Via the FT:
MarketsJitters over Greek election push up borrowing costs
The drama unfolding in Athens has caused another jump in Greece's bond yields, as markets anxiously watch the political games ahead of ...
Posted in Uncategorized | Comments Off on Greek Yields
Monday, January 5th, 2015
This Bloomberg story recounts corporate bond trading on Friday and delves into potential issuers early in the new year.
Via Bloomberg:
IG CREDIT: Low Volume Session Opens New Year; Pipeline Grows
2015-01-05 11:05:56.643 GMT
By Robert Elson
(Bloomberg) -- The final Trace count for secondary trading
was $1.9b Friday vs $2b New Year’s Eve. 2014 secondary ...
Posted in Uncategorized | Comments Off on Corporate Bonds
Monday, January 5th, 2015
Prices of Treasury coupon securities are registering modest losses in the first fully staffed session of the New Year. The yield on the benchmark 5 year note has climbed to 1.632 from 1.612 at the close on Friday. The yield on the 7 year note has increased to 1.939 from ...
Posted in Uncategorized | Comments Off on January 05 2015 Opening
Friday, January 2nd, 2015
Via Richard Gilhooly at TDSecurities:
The new year has started with a decided momentum to lower yields, as the implosion in commodity markets continues and currency volatility remains high as positions are adjusted after year-end to reflect growing imbalances. Draghi's comments from several days ago appear to be the catalyst for ...
Posted in Uncategorized | Comments Off on A Market Opinion
Friday, January 2nd, 2015
The ECB head granted an interview to a German newspaper and said he cant exclude the possibility of deflation in the Euro area and hinted at QE. The Euro trades near 4 1/2 year lows and sovereign debt of peripherals is screaming tighter. I follow US/Spain in the 10 year ...
Posted in Uncategorized | Comments Off on Dovish Draghi