Archive for February, 2015
Wednesday, February 4th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-02-04 15:01:00.1 GMT
By Greg Chang
(Bloomberg) -- The following is a list of new issues
expected to price today:
* Kommunalbanken AS $500m Aaa/AAA
* 10Y; 144A/Reg S
* Spread set at MS +17 vs Guidance MS +18 area vs IPT MS
+high teens
* ...
Posted in Uncategorized | Comments Off on New Issues Today
Wednesday, February 4th, 2015
Via Bloomberg:
UST MORNING CALL: Recent Reversal ‘Largely’ Due to Positioning
2015-02-04 13:17:25.177 GMT
By Monika Grabek and Madeline McMahon
(Bloomberg) -- “Global markets remain in the throes of
violent repositioning moves as conviction remains low and recent
momentum is called into question,” which has “baffled”
traders and investors as “there has been no fundamental shift
to global ...
Posted in Uncategorized | Comments Off on Research Round Up
Wednesday, February 4th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
This Treasury refunding announcement was as quiet as they come. The refunding auction sizes were unchanged. The statement notes that “based on current fiscal forecasts, coupon auction sizes will remain steady going forward.” So, that’s 3 months of steady coupon auction sizes. Given the ...
Posted in Uncategorized | Comments Off on Refunding Announcement
Wednesday, February 4th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 7:00am: MBA Mortgage Applications, Jan. 30 (prior -3.2%)
* 8:15am: ADP Employment Change, Jan., est. 220k (prior 241k)
* 9:45am: Markit U.S. Composite PMI, Jan. final (prior 54.2)
* Markit U.S. Services PMI, Jan. final, est. 54.1 (prior
54)
* Markit U.S. Services PMI, Jan. final, ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Wednesday, February 4th, 2015
Via mark Chandler at Brown Brothers Harriman:
Yesterday's Euro-Phoria Eases, Market Awaits ADP
- The bout of long dollar liquidation spurred by optimism towards Greece has largely faded today
- The PBOC announced a 0.5 percentage point cut in required reserves even as it fixed the yuan 2% stronger than yesterday’s spot close
- ...
Posted in Uncategorized | Comments Off on FX
Wednesday, February 4th, 2015
This is from a trade publication nationalmortgagenews.com.
Why Subprime Mortgage Lending Is Ready for a Comeback
by Brad Finkelstein
FEB 2, 2015 3:22pm ET
The widespread return of the subprime mortgage business will be the big event for the mortgage industry in 2015.
At first glance, this may seem like one of the more wild ...
Posted in Uncategorized | Comments Off on SubPrime Redux
Wednesday, February 4th, 2015
In his daily note on corporate bond trading Bob Elson at Bloomberg reports that volume yesterday was the heaviest since inception of the TRACE system in 2005.
Via Bloomberg:
IG CREDIT: Highest Trading Volume in History of Trace Data
2015-02-04 11:08:29.619 GMT
By Robert Elson
(Bloomberg) -- Trace count for secondary trading closed at
$21.4b vs ...
Posted in Uncategorized | Comments Off on (Very Heavy) Corporate Bond Trading Yesterday
Wednesday, February 4th, 2015
It is always difficult for me to grapple with the concept of negative yields on government bonds. It happened here in the US when Lehman Brothers collapsed and was confined to the Treasury bill market. Fear was so rampant that investors wanted certainty that they would be certain of their ...
Posted in Uncategorized | Comments Off on Negative Yields on Corporate Bonds
Tuesday, February 3rd, 2015
This is via a fully paid up subscriber across the pond:
SCHATZ: Sources confirm a Goldman Sachs sales and trading desk note is indeed doing the rounds titled "the bullish case for the German front end (Schatz)" and expect levels of -25bp to -30bp as central scenario with -40bp realistic. "Key ...
Posted in Uncategorized | 3 Comments »
Tuesday, February 3rd, 2015
Via Jon Hilsenrath at the WSJ:
Grand Central: New York Fed Tries to Address Plumbing Problems in Fed Funds Market
The Federal Reserve Bank of New York announced two changes in the way it tracks short-term interest rates. It will broaden the number of firms it uses to make daily calculations of ...
Posted in Uncategorized | Comments Off on Plumbing Problem