Archive for April, 2015
Sunday, April 26th, 2015
Via FT:
Big investment banks have long chafed against the rule, arguing that Trace in fact makes it trickier to trade corporate bonds — especially big blocks of debt — as rivals quickly know when a large transaction takes place, and can rush to take advantage of such deals.
Banks are now ...
Posted in Uncategorized | Comments Off on Making the Corporate Bond Market Less Transpaent
Wednesday, April 22nd, 2015
Via Bloomberg:
No amount of reassuring rhetoric by Janet Yellen and her colleagues at the Federal Reserve can prevent markets’ overreaction when benchmark interest rates start heading higher.
That’s the conclusion of Deutsche Bank AG economists Joseph LaVorgna and Brett Ryan after studying turns in Fed policy in the past two decades.
Take ...
Posted in Uncategorized | 2 Comments »
Wednesday, April 22nd, 2015
Via Bloomberg:
Chinese Manufacturing Gauge Drops to Lowest Level in 12 Months
2015-04-23 01:45:00.145 GMT
By Bloomberg News
(Bloomberg) -- A Chinese manufacturing gauge fell to a 12-
month low in April, suggesting government efforts to cushion a
slowdown are yet to revive the nation’s factories.
The preliminary Purchasing Managers’ Index from HSBC
Holdings Plc and Markit Economics ...
Posted in Uncategorized | Comments Off on China Manufacturing PMI at 12 Month Low
Wednesday, April 22nd, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-04-22 14:00:57.759 GMT
By Allan Lopez
(Bloomberg) -- The following is a list of new issues
expected to price today:
* Harris Corp $benchmark Baa3/BBB-
* 3Y, 5Y, 10Y, 20Y, 30Y
* IPT 3Y +137.5, 5Y +162.5, 10Y +212.5, 20Y less 15 bps
thru 30Y, ...
Posted in Uncategorized | Comments Off on New Issues Expected to Price Today
Wednesday, April 22nd, 2015
Via Gennadiy Goldberg at TDSecurities:
Existing home sales rebounded sharply in March, rising 6.1% to 5.19M from an upwardly revised 4.89M in the prior month. The rebound in existing home sales activity was particularly encouraging as it comes on the heels of last week’s streak of weaker than expected data releases, ...
Posted in Uncategorized | Comments Off on Existing Home Sales
Wednesday, April 22nd, 2015
Via Bloomberg:
China Debt Mess Brings Out the Yin and Yang in Policy Makers
by Enda CurranLianting Tu
5:23 AM EDT
April 22, 2015
China has a $28 trillion problem. That’s the country’s total government, corporate and household debt load as of mid-2014, according to McKinsey & Co. It’s equal to 282 percent of the ...
Posted in Uncategorized | Comments Off on China Debt Problem
Wednesday, April 22nd, 2015
Via Jon Hilsenrath at the WSJ:
By Jon Hilsenrath
April 22, 2015 5:30 a.m. ET
0 COMMENTS
The strong U.S. dollar and an unsteady global economy are emerging as primary concerns for Federal Reserve officials as they prepare for a policy meeting next week to consider the timing of the first interest-rate increase since ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Wednesday, April 22nd, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Surrenders Gains
- Japan reported its first monthly trade surplus in nearly three years
- The market has been gradually downgrading the likelihood of an RBA rate cut next month
- The BOE minutes provided the additional kick for sterling’s recovery
- The German government revised up ...
Posted in Uncategorized | Comments Off on FX
Wednesday, April 22nd, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, April 17 (prior
-2.3%)
* 9:00am: FHFA House Price Index, Feb., est. 0.5% (prior
0.3%)
* 9:00am: FHFA House Price Index, Feb., est. 0.5% (prior
0.3%)</li></ul>
* 10:00am: Existing Home Sales, March, est. 5.03m (prior
4.88m)
***Existing Home Sales m/m, March, est. 3.1% (prior ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, April 21st, 2015
Via Merrill Lynch:
Shareholders > bondholders. Todays' announcement of TEVA's bid for Mylan highlights that we remain in an environment of high risk for shareholder value enhancing strategies. In an environment of faster economic growth and the approaching Fed's rate hiking cycle, such activity creates releveraging event risk for high grade ...
Posted in Uncategorized | Comments Off on Bondholders vs Shareholders