Archive for April, 2015

Corporate Bond Trading Yesterday

Friday, April 17th, 2015

Via Bloomberg: IG CREDIT: Trading Volume Steady; Pipeline List Grows 2015-04-17 10:14:10.299 GMT By Robert Elson (Bloomberg) -- Secondary trading ended with a Trace count of $14.8b vs $15.1b Wednesday, $14.4b the previous Thursday. * Most active issues over 3 years: * ACT 3.00% 2020 was 1st with 2-way client flows accounting for 60% of volume * BAC 4.00% ...

FX

Friday, April 17th, 2015

Via Marc Chandler at Brown Brothers Harriman: Is the Dollar Breaking Out? - The key issue as the market heads into the weekend is whether the US dollar is breaking out of its trading range to the downside - Australia's jobs data was sufficiently strong as to encourage market participants to downgrade the ...

Eurozone Deflation Eases a Tad

Friday, April 17th, 2015

Via FT: EconomyEurozone deflation eases in March Inflation in the eurozone fell 0.1 per cent from a year earlier in March, weighed down by the slide in energy prices but an improvement from a month earlier as the country's policymakers try to boost prices. The figures, which were in line with a preliminary ...

Repo Market Agonies in Eurozone

Friday, April 17th, 2015

Via Bloomberg: Mario Draghi’s soothing words on the perceived scarcity of euro-area bonds have done little to dispel concern that the European Central Bank’s quantitative easing is snarling up a key part of the debt market’s plumbing. A glance at the German repurchase market suggests the availability of bonds as collateral for ...

Mutual Fund Flows

Thursday, April 16th, 2015

Via Merrill Lynch Research; The outflows could be due to the tax season, with Muni and MMF also reporting outflows, similar to the same week last year. At the same time the flows could be related to positioning for higher interest rate risk, with a large inflow to loan funds. Outflows from high ...

Hilsenrath Article

Thursday, April 16th, 2015

Via Jon Hilsenrath at the WSJ: By Jon Hilsenrath April 16, 2015 3:15 p.m. ET 5 COMMENTS A patch of soft economic data has created uncertainty inside the Federal Reserve about when to start raising short-term interest rates, reducing the probability of a move by midyear. Recent reports showed a slowdown in U.S. hiring in ...

Taper Tantrum Redux

Wednesday, April 15th, 2015

Via the FT: April 15, 2015 2:23 pm ‘Super taper tantrum’ ahead, warns IMF   The Federal Reserve’s first interest rate rise risks triggering a jolt to bond markets that could surpass the turmoil the central bank inadvertently set off in 2013, the International Monetary Fund has warned. José Viñals, the director of the IMF’s ...

Japan Supplants China

Wednesday, April 15th, 2015

Via Bloomberg: Japan Snaps China’s Six-Year Run as Top Holder of Treasuries (1) 2015-04-15 21:32:48.638 GMT (Adds analyst comment in fourth paragraph.) By Kasia Klimasinska and Daniel Kruger (Bloomberg) -- Japan overtook China as the top foreign holder of U.S. government debt for the first time since the global financial crisis amid signs of economic and policy ...

Merrill Lynch Research on Eclectic Topics

Wednesday, April 15th, 2015

Via Merrill Lynch:   2Q is 4Q in reverse. With oil prices up more than 18% (WTI), including nearly 6% today as EIA data highlighted the slowdown in supply, 2Q is beginning to look like 4Q in reverse (although there's a limit to how far this rebound can go). Recall that in ...

Industrial Production

Wednesday, April 15th, 2015

Via Millan Mulraine at TDSecurities: The weak March industrial sector report adds to a growing list of disappointing US economic indicators, suggesting that the economy ended the quarter on a very weak footing. moreover, there is little indication of an impending rebound to start Q2. Treasuries have rallied modestly on the ...