Archive for February, 2015
Friday, February 6th, 2015
Via Bloomberg:
IG CREDIT: Trading Volume Remains at Record High Levels
2015-02-06 11:05:39.669 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $21.2b vs record high $22.8b Wednesday, $19.2b last
Thursday.
* Yesterday’s $21.2b was 3rd highest day in the history of the
Trace Aggregates going back to Jan. 2005; second highest ...
Posted in Uncategorized | Comments Off on Corporate Trading Volume Remains at Very High Levels
Thursday, February 5th, 2015
Via Bloomberg:
IG CREDIT: $20.15b to Price in Highest Volume Session of 2015
2015-02-05 19:36:34.720 GMT
By Lisa Loray
(Bloomberg) -- $20.15b expected to price today, highest
volume in a single session this year; weekly volume to $50.0b,
busiest week of 2015, and YTD volume to $182.25b.
* Domestics account for 62% of today’s volume, led by ...
Posted in Uncategorized | Comments Off on Today’s Corporate Issuance
Thursday, February 5th, 2015
Via Gennadiy Goldberg at TDSecurities:
The December trade deficit came in sharply wider than expected, widening to -$46.6B from a downwardly revised -$39.8B. This brings considerable downside risks to GDP revisions, likely shaving 0.3ppts from the initial 2.6% Q4 GDP reading. The big surprise in the deficit data came in the ...
Posted in Uncategorized | Comments Off on Trade Deficit
Thursday, February 5th, 2015
Via Mark Chandler at Brown Brothers Harriman:
Beware of Greeks Bearing Collateral
- The ECB will no longer accept Greek government bonds as collateral and that Greek banks can have access to the national central bank via ELA
- The EU negotiations with Syriza remain tense and Greek markets have been hit
- ...
Posted in Uncategorized | Comments Off on FX
Thursday, February 5th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:30am: Challenger Job Cuts y/y, Jan. (prior 6.6%)
* 7:30am: RBC Consumer Outlook Index, Feb. (prior 53.3)
* 8:30am: Non-farm Productivity, 4Q preliminary, est. 0.1%
(prior 2.3%)
* Unit Labor Costs, 4Q, est. 1.2% (prior -1%)
* Unit Labor Costs, 4Q, est. 1.2% (prior -1%)</li></ul>
* 8:30am: ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, February 5th, 2015
Via Bloomberg:
IG CREDIT: Record High Trading Volume Set for 2nd Day
2015-02-05 10:50:55.909 GMT
By Robert Elson
(Bloomberg) -- Trace count for secondary trading ended with
a new record high of $22.8b vs previous record of $21.4b
Tuesday, $20.8b last Wednesday.
* First time over $22b in the history of the Trace Aggregates
back to Jan. 2005 ...
Posted in Uncategorized | Comments Off on Record Volume Once Again in Corporate Bonds
Thursday, February 5th, 2015
With interest rates at zero and below the FT discusses the proposition that currencies are the only tool left in the policy quiver to stimulate growth.
Via the FT:
ft.com > Comment > Blogs >
FT Alphaville
All currency war, all the time
David Keohane
Always beware FX analysts declaiming “the dawn of ...
Posted in Uncategorized | Comments Off on Running Out of Policy Tools
Thursday, February 5th, 2015
The FT has an informative article on global debt levels. The author notes that the world is more highly leveraged now than it was in 2007 prior to the crisis.
Via the FT:
February 5, 2015 12:02 am
Debt mountains spark fears of another crisis
Ralph Atkins
The world is awash with more debt than ...
Posted in Uncategorized | Comments Off on World Wallowing in Debt
Thursday, February 5th, 2015
A fully paid up subscriber across the pond forwarded this piece from Commerzbank:
Last night the ECB announced that it will remove the rating waiver for GGBs in its monetary policy operations as it “is currently not possible to assume a successful conclusion of the programme review”. This means that with ...
Posted in Uncategorized | Comments Off on Commerzbank on ECB and Greek Collateral
Wednesday, February 4th, 2015
Earlier today I posted this piece on negative yields on corporate bonds. The article detailed the story of a four year bond issued by Nestle which traded with a yield slightly negative. The WSJ now has a story about negative yields on sovereign debt (which at least conceptually makes some ...
Posted in Uncategorized | Comments Off on Negative Yields Revisited