Archive for March, 2015
Tuesday, March 3rd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
Economic Data
* 9:45am: ISM New York, Feb. (prior 44.5)
* 10:00am: IBD/TIPP Economic Optimism, March, est. 47.5 (prior
47.5)
* Wards Total Vehicle Sales, Feb., est. 16.7m (prior 16.56m)
* Wards Domestic Vehicle Sales, Feb., est. 13.4m (prior
13.31m)
Central Banks
* 10:00am: Senate Banking Committee hearing on Fed reform
* ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Tuesday, March 3rd, 2015
Via Bloomberg:
Actavis Order Book for 9-Part Deal Said to Be Around $90b
2015-03-03 11:08:42.30 GMT
By James Holloway
(Bloomberg) -- Information from person familiar with the
matter, who is not authorized to speak publicly and asked not to
be identified.
* Deal to launch and price today; click here for IPTs
Posted in Uncategorized | Comments Off on Actavis Order Book
Tuesday, March 3rd, 2015
Via the WSJ:
By
Josh Mitchell
March 2, 2015 6:04 p.m. ET
3 COMMENTS
CENTERVILLE, Tenn.—Few Americans are benefiting from the swift decline in gasoline prices as much as Rodger Hedrick and the 24,000 other residents of Hickman County.
Mr. Hedrick is a typical worker in this sprawling, rural community southwest of Nashville: He commutes roughly ...
Posted in Uncategorized | Comments Off on Gas Dividend being Saved, Not Spent
Tuesday, March 3rd, 2015
Yesterday pharmaceutical company Actavis announced a huge nine tranche corporate deal. The deal is scheduled to raise about $20 billion and will price sometime today.
Posted in Uncategorized | Comments Off on Huge Corporate Deal
Tuesday, March 3rd, 2015
Via Bloomberg:
IG CREDIT: Spreads Hit New 2015 Tights; ACT Set to Price
2015-03-03 10:46:06.385 GMT
By Robert Elson
(Bloomberg) -- FINRA’s Trace secondary IG trading
statistics are not available this morning.
* BofAML IG Master Index at +131, a new tight for 2015, vs
+132; 2014 range was +151, seen Dec 16; +106, the low and
tightest ...
Posted in Uncategorized | Comments Off on Secondary market Corporate Bond Trading Yesterday
Tuesday, March 3rd, 2015
The entire Treasury curve is now cheaper than it was prior to the Yellen testimony last week. In overnight trading the 5 year note took a battering as it cheapened 2 basis points versus 2s (now 93.4 vs 91.3 last evening) and it cheapened versus 2s and 10s. That fly ...
Posted in Uncategorized | Comments Off on Overnight Flows
Monday, March 2nd, 2015
The NYTimes is leading with a piece on Hillary Rodham Clinton who it seems chose to conduct her official business while Secretary of State via her personal email. How would that go over with the Department of Justice if a bond dealer salesman had chosen to do that? I doubt ...
Posted in Uncategorized | Comments Off on Hillary Clinton Email Problem
Monday, March 2nd, 2015
Via Merrill Lynch Research:
Dudley's remarks highlight why we should expect the coming rate hiking cycle to be much less favorable than the previous one.
Clearly if Dudley's views are shared the Fed is going to want to see higher long term interest rates once they start hiking.
This is one reason we ...
Posted in Uncategorized | Comments Off on Merrill Lynch on Eclectic Topics
Monday, March 2nd, 2015
This morning I posted this article on the surge of assets flowing to corporate bond ETFs. Here is an WSJ piece on the same story:
Via the WSJ:
By KATY BURNE
March 1, 2015 6:02 p.m. ET
17 COMMENTS
Institutions are piling into exchange-traded bond funds at the fastest pace on record, driven by forces ...
Posted in Uncategorized | Comments Off on More on the Rush to ETFs
Monday, March 2nd, 2015
Via Millan Mulraine at TDSecurities
Personal income rose at a relatively decent 0.3% m/m pace in January, though it fell short of the market's consensus for a 0.4% m/m gain. This marks the 12 consecutive monthly gain in this indicator, and the rise was driven by the strong 0.6% m/m gain ...
Posted in Uncategorized | Comments Off on Personal Income and Spending