Archive for March, 2015

Overnight Data Preview

Tuesday, March 3rd, 2015

I am late with this but better late than never. Via Robert Sinche at Amherst Pierpont Securities: RATE DECISIONS BY THE BANK OF CANADA (expected unchanged) AND CENTRAL BANK OF BRAZIL (expected 50bp hike to 12.75%). AUSTRALIA: The BBerg consensus expects 4Q real GDP growth to slow to 2.5% from 2.7% in 3Q, ...

Merrill Lynch Research on Today’s Gargantuan Corporate Bond Issuance

Tuesday, March 3rd, 2015

Via Merrill Lynch Research: Bondnanza The ACT deal today did not exhaust the market's ability to absorb bonds, as evidenced by $10bn supply from other issuers. The strong investor reception for the ACT deal helped allay concerns that the pick-up in supply volumes will weigh on spreads The newly issued bonds traded on average ...

Gigantic Day in Corporate Bond market

Tuesday, March 3rd, 2015

Via Bloomberg: IG CREDIT: Daily Volume Tops $30b, Led by $21b 10-Part ACT Deal 2015-03-03 20:09:11.992 GMT By Lisa Loray (Bloomberg) -- $37.25b is expected to price from 9 issuers, including 3 SAS deals totaling $6b, for the second-busiest day on record. * Today’s single session is the highest daily volume YTD and higher volume than 4 of ...

Auto Sales Disappoint in February

Tuesday, March 3rd, 2015

Via Bloomberg ; AUTO SALES WRAP: Feb. Sales Miss Ests. Across the Board 2015-03-03 19:59:35.285 GMT By Libby Sallaberry McGowan (Bloomberg) -- U.S. and Japanese Big 3 automakers all missed estimates for auto sales in February; Autodata says Feb. SAAR 16.23m, missing Bloomberg est. for Feb. SAAR of 16.6m. * JPMorgan: Weather appears to have been bigger ...

Debt Ceiling Reprieve

Tuesday, March 3rd, 2015

Via a fully paid up subscriber and Bloomberg:   CBO Says U.S. Might Not Hit Debt Limit Until End of Nov. 14:33 Congressional Budget Office says U.S. Treasury could run out of borrowing authority as late in the year as Nov., Bloomberg BNA’s Jonathan Nicholson reports. • “By CBO’s estimate, the Treasury would probably ...

Demand for Short End

Tuesday, March 3rd, 2015

Via Bloomberg: Demand for Short-Term Paper May Grow to at Least $700b, JPM Says 2015-03-03 17:29:41.248 GMT By Alexandra Harris (Bloomberg) -- Demand for short-term paper may grow to $700b-$900b during next 18 months amid regulatory-induced changes to money markets and largest U.S. banks, JPMorgan strategists led by Alex Roever wrote in weekly note Feb. 27. * Flows ...

Actavis Bond Pricing

Tuesday, March 3rd, 2015

Via Bloomberg: BFW 03/03 18:10 *ACTAVIS SELLS $3B 7Y AT +155, $4B 10Y AT +175 BFW 03/03 18:09 *ACTAVIS SELLS $3.5B 5Y FXD AT +140, $500M 5Y FRN AT 3ML+125.5 BFW 03/03 18:09 *ACTAVIS SELLS $3B 3Y AT +130, $500M 3Y FRN AT 3ML+108 BFW 03/03 18:09 *ACTAVIS SELLS $500M 18-MONTH FRN AT 3ML+87.5, ...

Price Guidance

Tuesday, March 3rd, 2015

Via Bloomberg: BFW 03/03 12:45 *ACTAVIS 7Y GUIDANCE +160 AREA, 10Y +180A, 20Y +195A, 30Y +215A BFW 03/03 12:44 *ACTAVIS 5Y GUIDANCE +140-145, 5Y FRN LIBOR EQUIV BFW 03/03 12:43 *ACTAVIS 2Y GUIDANCE +120-125, 3Y +130-135, 3Y FRN LIBOR EQUIV *ACTAVIS 18-MONTH FRN 3ML+90A, +/-2.5BPS 2015-03-03 12:46:14.244 GMT Information from person familiar with the matter, who ...

JPM Duration Survey

Tuesday, March 3rd, 2015

Via Bloomberg: RATES: Longs Fall in Latest JPM Survey 2015-03-03 12:13:36.324 GMT By Robert Elson (Bloomberg) -- The JPMorgan Treasury Client Survey for the week ended March 2 vs weeks ended Feb 23, 17. * Longs at 13 vs 17 vs 15 * Neutrals 65 vs 63 vs 61 * Shorts 22 vs 20 vs 24 * Net longs ...

FX

Tuesday, March 3rd, 2015

Via Marc Chandler at Brown Brothers Harriman: Dollar Mixed, Aussie Shines After RBA Decision - The Reserve Bank of Australia defied expectations and left rates on hold earlier today - Japan reported a larger than expected rise in labor cash earnings, but adjusting for inflation real wages remain negative - News from Europe was ...