Archive for May, 2015
Wednesday, May 6th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
There are two main points to cover from the Treasury’s refunding announcement this morning.
First, the broad fiscal and financing outlooks are quite stable. Treasury confirmed that it “intends to maintain coupon issuance sizes at current levels over the upcoming quarter.” That includes a steady ...
Posted in Uncategorized | Comments Off on Treasury Refunding Announcement
Wednesday, May 6th, 2015
Via Bloomberg:
G CREDIT: List of New Issues Expected to Price in U.S. Today
2015-05-06 14:01:47.513 GMT
By Allan Lopez
(Bloomberg) -- The following is a list of new issues
expected to price today:
* Apple $benchmark Aa1/AA+
* 2Y fxd and/or FRN, 5Y fxd and/or FRN, 7Y, 10Y, 30Y
* IPT:
* 2Y fxd +40 area, 2Y FRN ...
Posted in Uncategorized | Comments Off on New Issue Corporates Scheduled For Today
Wednesday, May 6th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
Nonfarm business productivity fell at a 1.9% annualized clip in Q1, roughly in line with expectations. It stands to reason that when output is flat and hours worked are rising, productivity would decline, and this is exactly what happened in Q1. Presumably, GDP growth ...
Posted in Uncategorized | Comments Off on Productivity Dissected
Wednesday, May 6th, 2015
Via Bloomberg:
TREASURY YIELD OUTLOOK
* Benchmark yields rose yday after unexpected increase in
April ISM Non-Manufacturing Composite to highest since last
year’s peak, and amid steeper increases in core EGB yields
* 10Y yield rose as much as 5.4bps to 2.198%, topping its 200-
DMA for first time since September; it closed at highest
level since ...
Posted in Uncategorized | Comments Off on Treasury Yield markers
Wednesday, May 6th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, May 1 (prior -2.3%)
* 8:15am: ADP Employment Change, April, est. 200k (prior
189k)
* 8:30am: Nonfarm Productivity, 1Q P, est. -1.9% (prior
-2.2%)
* Unit Labor Costs, 1Q P, est. 4.5% (prior 4.1%)
* Unit Labor Costs, 1Q P, est. 4.5% ...
Posted in Uncategorized | Comments Off on what to watch today
Wednesday, May 6th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Will a Strong ADP Report Stabilize the Dollar?
- US ADP data is today’s main risk event for the dollar
- Evidence that the eurozone recovery in Q1 is continuing into Q2 can be found in the PMI data
- The UK election is tomorrow and participants ...
Posted in Uncategorized | Comments Off on FX
Wednesday, May 6th, 2015
Via Bloomberg:
IG CREDIT: Volume Rises; 3 Names Set to Price; Pipeline Grows
2015-05-06 10:17:46.786 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $17.3b vs $11.1b Monday, $17b last Tuesday. 10-DMA
$14.8b.
* 144a trading added $2.2b of IG volume vs $1.2b on Monday,
$2b last Tuesday
* Most active issues:
* ACT ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Wednesday, May 6th, 2015
Via Bloomberg:
Iran is ready to return to the global commodities market, flooding it with fresh supplies and risking a slump in prices.
Oil? Possibly, but there’s a second industry that could be even more disrupted by a nuclear pact between Iran and the west: pistachio nuts.
Iran has far more clout in ...
Posted in Uncategorized | Comments Off on Nuts (Pistachios) To You
Wednesday, May 6th, 2015
Via Reuters:
Markets | Tue May 5, 2015 8:08pm EDT
Fed's Kocherlakota again says Fed should not hike rates until 2016
(Reuters) - The Federal Reserve should not raise interest rates until at least next year, Minneapolis Federal Reserve Bank President Narayana Kocherlakota said on Tuesday.
Kocherlakota, in remarks prepared for delivery ...
Posted in Uncategorized | Comments Off on Kocherlakota : Dont Raise Rates Until 2016
Wednesday, May 6th, 2015
I am not quite sure of the source of this but it is a primer on the UK election and presents the thoughts of several investment banks on that event.
Via a fully paid up subscriber:
Election update: Bank thoughts and trade recommendations
Most recent UK polls show:
YouGov/Sun - Conservatives 34%, Labour 34%
Daily ...
Posted in Uncategorized | Comments Off on UK Election Primer