Archive for May, 2015
Thursday, May 7th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=hdac92cc,1289ddcb,1289ddcc&p1=136122&p2=705fc33b460141a8213ab726780f0efa>
The only thing to do with this UK election is to get far, far away, so I'm spending the day in New York where I can see the result unfold with a glass of wine. The only certainty is a hung parliament.
The American response is either ...
Posted in Uncategorized | Comments Off on Eclectic Piece
Thursday, May 7th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Dollar Mixed, Sterling Flat Ahead of UK Election
- The first exit polls for the UK election are expected to start coming out at 22:00 GMT
- The dramatic sell-off in European bonds continues apace today
- Norges Bank kept rates steady at 1.25%, as expected, but ...
Posted in Uncategorized | Comments Off on FX
Thursday, May 7th, 2015
I zealously guard the names of people who send me info and never use a name unless I have explicit permission. I received a spectacular piece of commentary from a swap trader late yesterday and asked for permission to quote from it. He gave permission but did not say explicitly ...
Posted in Uncategorized | Comments Off on Is It Different This Time? A Must Read
Thursday, May 7th, 2015
Via Bloomberg:
IG CREDIT: Trading Volume Highest Since Feb. 11; CHINAM to Price
2015-05-07 09:50:16.67 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.1b vs $17.3b Tuesday, $17.3b the previous
Wednesday.
* IG trading highest of any Wednesday since $20.4b on Feb. 11
* IG trading 13th highest of any Wednesday ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Thursday, May 7th, 2015
It is very ugly overnight as the yields on 10 year Treasury and the 30 year Bond have made new highs for the year. This is the kind of move which changes careers. The 10 year trades at 2.29 and the Long Bond trades at about 3.03. The 5s 30s ...
Posted in Uncategorized | Comments Off on Creeping Carnage and Accelerating Angst
Wednesday, May 6th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
The UK General Election takes place, with neither main party likely to achieve even close to a majority, leaving open potentially weeks of coalition discussions. The BoE will meet and take much less time to decide not to change monetary policy this month.
AUSTRALIA: The ...
Posted in Uncategorized | Comments Off on overnight Preview
Wednesday, May 6th, 2015
Via Merrill Lynch Research:
In the future we expect the high grade market to grow much slower through supply.
Furthermore we expect a major shift in the marginal corporate bond investor away from...
...mutual funds/ETFs and foreign official money, toward pension funds and insurance companies.
The future of the corporate bond market. We discuss ...
Posted in Uncategorized | Comments Off on Merrill Lynch Research Opines on Corporate BOND Market
Wednesday, May 6th, 2015
Via WSJ:
Markets
Gross’s Fund Takes a Hit
Large losses in latest week at famed money manager’s bond fund undercut a nascent comeback
By
Gregory Zuckerman And
Kirsten Grind
May 6, 2015 5:46 p.m. ET
0 COMMENTS
Bill Gross’s fledgling bond fund at Janus Capital Group Inc. suffered large losses over the past week, undercutting ...
Posted in Uncategorized | Comments Off on Bill Gross’s New Fund Takes Hit
Wednesday, May 6th, 2015
This is an excerpt from the end of day piece published daily by David Ader at CRT Capital:
What a day Wednesday was; further weakness and big volumes. Now you're probably fed up with us saying the same thing but we think the drivers are very specific and very contingent of ...
Posted in Uncategorized | Comments Off on End of Day Analysis
Wednesday, May 6th, 2015
This came via a fully paid up subscriber and also contains article by Bloomberg on the pricing of today's mega corporate deal by Apple. Each trance priced 10 basis points tighter than the initial price talk (IPT).
Via Bloomberg and a fully paid up subscriber:
Apple $8b 7-part debt offering
likely to be ...
Posted in Uncategorized | Comments Off on Apple Pricing