Archive for May, 2015
Thursday, May 14th, 2015
Via Merrill Lynch Researcch:
Inflows to duration in high grade. Despite the sharp rise in interest rates over the last three weeks there is no sign of a slowdown in inflows to high grade funds. Outside of short-term funds inflows to high grade bond funds and ETFs rose last week to ...
Posted in Uncategorized | Comments Off on Eclectic Topics Via Merrill Lynch
Thursday, May 14th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
*
* 8:30am: PPI Final Demand m/m, April, est. 0.1% (prior
0.2%)
*
* PPI Ex Food and Energy m/m, April, est. 0.1% (prior
0.2%)
* PPI Ex Food, Energy, Trade m/m, April, est. 0.1%
(prior 0.2%)
* PPI Final Demand y/y, April, est. -0.8% (prior
-0.8%)
* PPI Ex-Food and ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Thursday, May 14th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softer In The Wake of US Retail Sales
- The combination of the disappointing US retail sales and small inventory build has encouraged a new bout of dollar selling
- The news stream has been particularly light today and currency markets are being driven ...
Posted in Uncategorized | Comments Off on FX
Thursday, May 14th, 2015
Via Bloomberg:
IG CREDIT: Active Issue Flows Led by Client Trades; 2 to Price
2015-05-14 09:59:01.63 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $17.5b vs $17.2b Tuesday, $18.1b the previous
Wednesday. 10-DMA $15.4b.
* 144a trading added $2.3b of IG volume vs $2.5b Tuesday, $2b
last Wednesday
* Most active issues, ...
Posted in Uncategorized | Comments Off on Secondary market Corporate Trading Yesterday
Thursday, May 14th, 2015
Prices of Treasury coupon securities have pushed modestly higher in a subdued overnight session. There was a dearth of top tier economic data and the dollar continue to sag against most other currencies. The dollar weakness did bring forth some yen based buyers who observed value in the belly of ...
Posted in Uncategorized | Comments Off on Treasury market Update
Thursday, May 14th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=hdbe0c3d,12a41cf9,12a41cfa&p1=136122&p2=c6a5e33ccc7ce44d95485d30acfd3c55>
US ‘core' retail sales growth has slowed, on a 3-month basis, to 3.9% (3.4% y/y on the month), which adjusted for inflation is around 2 ½%. Not a disaster, more a return to the trundling growth rate of 2012-2104 than anything scarier. But it is more ...
Posted in Uncategorized | Comments Off on Morning Musings
Thursday, May 14th, 2015
Via Merrill Lynch Research a smorgasbord of topics:
Twinkle, twinkle rising star. Currently the USD notional amount of high yield issuers that are candidates for an upgrade to investment grade (aka rising stars) stands at $55bn - the highest since the credit crisis. The largest rising star candidate now is GM, ...
Posted in Uncategorized | Comments Off on Eclectic Stuff Via Merrill Lynch
Wednesday, May 13th, 2015
This is late (my fault) but instructive as dealers won very little of this auction. Thank God for that as the secondary market price action is less than festive for sure.
Via CRT Capital:
*** The auction was strong with a 1.4 bp stop-through and non-dealer bidding at 81.1% vs. 66% norm ...
Posted in Uncategorized | Comments Off on Ten Year Auction Result
Wednesday, May 13th, 2015
The Atlanta Fed has lowered its projection for Q2 GDP to 0.7 from 0.8. The revision follows the weak consumer spending data this morning.
Most analysts have a negative number for Q1 as the revisions accumulate. If we assume zero then with a 0.7 for Q2 it becomes more difficult to ...
Posted in Uncategorized | Comments Off on Atlanta Fed on Q2 GDP
Wednesday, May 13th, 2015
Via Bloomberg:
Lack of Treasury Market Depth ‘Fundamental and Systemic’: CS
2015-05-13 15:47:00.512 GMT
By Alexandra Harris
(Bloomberg) -- Lack of market depth “more fundamental and
systemic” than high frequency trading; it’s a consequence of
regulations and “lack of willingness to warehouse significant
interest rate risk,” Credit Suisse strategists Ira Jersey and
William Marshall write in note.
* Banks ...
Posted in Uncategorized | Comments Off on Another Article on Liquidity