Archive for May, 2015
Tuesday, May 19th, 2015
This research piece by Kit Juckes at SocGen takes note of the Couere remarks I posted earlier and credits his comments for the decline in Bund yields.
Via Kit Juckes at SocGen:
Bond bulls take heart from Coeure? Euro Bears heartened by Benoit? And so on....the oil bounce looks to have peaked, ...
Posted in Uncategorized | Comments Off on Overnight Musings
Tuesday, May 19th, 2015
This is a noteworthy story and I tip my hat to a long time reader for forwarding it my way.
Via a fully paid up subscriber and the FT:
May 18, 2015 12:09 pm
Japan Post to increase investment risk after listing
Leo Lewis, Tokyo
Japan Post, the country’s largest bank and insurer, is in ...
Posted in Uncategorized | Comments Off on Important Asset Allocation Story from Japan
Tuesday, May 19th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Lifted by ECB Front Loading QE and UK Slipping into Deflation
- The driving force behind the dollar’s strengh is not so much a shift in perceptions of the US economy, but euro weakness following ECB’s Coeure’s comments about the bond purchase program
- The ...
Posted in Uncategorized | Comments Off on FX
Tuesday, May 19th, 2015
Via a fully paid up subscriber:
Full story: (Bloomberg) -- ECB Executive Board member Benoit Coeure says in text of speech delivered in London that recent bond-market reversal was worrying.
“We are also aware of seasonal patterns in fixed-income market activity with the traditional holiday period from mid-July to August characterised by ...
Posted in Uncategorized | Comments Off on Liquidity Concerns in Europe
Tuesday, May 19th, 2015
Via Bloomberg:
IG CREDIT: EM Oil Issues Led Trading; EIB, JBIC, ANZ, to Price
2015-05-19 09:59:09.356 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $12.2b vs $11.7b Friday, $12.5b the previous Monday.
*10-DMA $15.3b
* 144a trading added $1.5b of IG volume vs $1.6b on Friday,
$2b last Monday
* Most active ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Monday, May 18th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
AUSTRALIA: RBA Meeting Notes for May meeting may provide more information on whether RBA easing is complete for the cycle, although slightly stronger AUD may alter the calculus.
JAPAN: Nationwide Department Store Sales should rebound sharply (YOY) in April as the data finally get past ...
Posted in Uncategorized | Comments Off on Overnight Preview
Monday, May 18th, 2015
Bank America research is calling for asset sales by the Fed. I think they will have a difficult enough time pulling the trigger on rate hikes that I do not believe that this is a likely prospect.
I have written this before but I will repeat it. In thirty five years ...
Posted in Uncategorized | 1 Comment »
Monday, May 18th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-05-18 14:08:01.377 GMT
By Allan Lopez
(Bloomberg) -- 8 new issues expected to price today:
* McDonald’s $benchmark A3/A-
*
* 5Y, 10Y, 30Y
* IPT 5Y +80, 10Y +120, 30Y +170 (all area)
* Books: BofAML, GS, JPM, MS
* Scripps Networks Interactive $1.5b (will ...
Posted in Uncategorized | Comments Off on Today’s Corporate Calendar
Monday, May 18th, 2015
The yield on the 2 year note in Greece has climbed over 300 basis points today.
Posted in Uncategorized | 1 Comment »
Monday, May 18th, 2015
I am a very average chess player but enjoy the game immensely. Bloomberg news has posted an article about the never ending Greek crisis entitled "Tsipras Endgame Nears as Greek Bank Collateral Evaporates ". I note that because in my the endgame is the most delicate and difficult part of ...
Posted in Uncategorized | 3 Comments »