Archive for February, 2015
Friday, February 27th, 2015
Check out the strange use of proceeds. They make a great hot dog but lending a company money so they can pay a dividend does not sound like a great idea.
Via Bloomberg:
Nathan’s Famous to Sell $125m 5NC2.5 Sr Sec Notes Today
2015-02-27 13:30:48.707 GMT
By Gowri Gurumurthy
(Bloomberg) -- Issuer: Nathan’s Famous, Inc
* ...
Posted in Uncategorized | 2 Comments »
Friday, February 27th, 2015
Via Bloomberg:
U.S. Credit Rally to Continue Amid ‘Least Bad Yields’: Goldman
2015-02-27 12:42:02.410 GMT
By James Holloway
(Bloomberg) -- Goldman tactically bullish on U.S. credit,
chief credit strategist Charles Himmelberg writes in client
note, with risk appetite supported by following factors:
* Sluggish global growth and low global yields remain driver
of hunt for yield
* “Indeed, the ...
Posted in Uncategorized | Comments Off on Goldman on Credit
Friday, February 27th, 2015
If this were a Seinfeld episode George Costanza would be lamenting shrinkage. This is the world of bond trading so there is no neurotic George but market participants should decry the shrinkage in dealer balance sheets devoted to investment grade corporate bonds. Issuance in the first four days of this ...
Posted in Uncategorized | Comments Off on Corporate Bonds Channel George Costanza
Friday, February 27th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Stronger European Data Weighs on the Dollar
- Sweden reported Q4 that was twice the consensus expectations, suggesting that the Riksbank will not be in a hurry to extend current accommodative efforts
- The PBOC fixed the USD/CNY rate sharply higher today, the largest daily move ...
Posted in Uncategorized | Comments Off on FX
Friday, February 27th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 8:30am: GDP Annualized q/q, 4Q revised, est. 2% (prior 2.6%)
* Personal Consumption, 4Q revised, est. 4.3% (prior 4.3%)
* GDP Price Index, 4Q revised, est. 0% (prior 0%)
* Core PCE q/q, 4Q revised, est. 1.1% (prior 1.1%)
* Core PCE q/q, 4Q revised, ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Friday, February 27th, 2015
This post is from a Barron's article which draws extensively from an Albert Edwards piece I posted recently. It discusses earnings (weak) and record highs in stocks while most global central banks are easing to counter weak growth.
Via Barron's:
Falling Earnings Forecasts Belie New Highs in Stocks
Yellen’s assurances push stocks to ...
Posted in Uncategorized | Comments Off on Falling Earnings
Thursday, February 26th, 2015
Via Bank America Merrill Lynch Research:
Inflows to high grade, high yield and stocks all declined last week relative to the prior week.
Inflows to high grade declined to $2.53bn from $3.18bn in the prior week, with outflow from short-term funds of $0.29bn.
HY inflow was $1.04bn, down from a $2.9bn average pace ...
Posted in Uncategorized | Comments Off on Mutual Fund Flows and Other Stuff
Thursday, February 26th, 2015
Via CRT Capital:
*** A lackluster takedown with a 1.1 bp tail and non-dealers awarded 63% vs. 64% norms. ***
* 7-year auction stops at 1.834% vs. 1.823% 1pm bid WI.
* Dealers were awarded 37.1% vs. 36% average of last four 7-year auctions.
* Indirects get 52.3% vs. 52% norm.
* Directs take 10.2% ...
Posted in Uncategorized | Comments Off on Seven Year Result
Thursday, February 26th, 2015
A fully paid up subscriber says this deal could launch one day next week.
Via Bloomberg:
Actavis Plans $22 Billion Bond Sale Backing Allergan Deal (2)
2015-02-19 23:51:57.293 GMT
(Updates with investor comment in fourth paragraph.)
By Elliott Stam
(Bloomberg) -- Actavis Plc plans to sell as much as $22
billion in bonds to finance its purchase ...
Posted in Uncategorized | Comments Off on Very large Bond Deal
Thursday, February 26th, 2015
Via CRT Capital:
We're apprehensive about the prospects for this afternoon's 7-year auction and anticipate a larger concession either ahead of 1 pm or at the auction itself via a tail. While the market is a bit weaker this morning, we're viewing the recent string of auction tails for 7s as ...
Posted in Uncategorized | Comments Off on Seven Year Auction