Archive for June, 2015
Monday, June 15th, 2015
This is a long but interesting article which discusses the case for a Greek default without an exit from the currency union.
Via the WSJ:
By
Gabriele Steinhauser
Updated June 15, 2015 8:00 p.m. ET
BRUSSELS—As the bailout standoff between Athens and its creditors escalates, some European officials are suggesting something that was ...
Posted in Uncategorized | Comments Off on Default Without an Exit
Monday, June 15th, 2015
Via Merrill Lynch Research:
CDS 1, bonds 0. With the Greek debt negotiations breaking down over the weekend financial markets sold off broadly, led by Europe where 10-year Spanish government spreads widened 17bps to 159bps - the widest since last July. In response European IG credit spreads (iTraxx main) widened as ...
Posted in Uncategorized | Comments Off on Eclectic Topics
Monday, June 15th, 2015
Both sides have hardened their positions in the Greek negotiations and at the moment it appears that we are headed for an ugly climax.
Via the FT:
Alexis Tsipras, the Greek prime minister, vowed not to give in to demands made by his country’s international creditors, accusing them of “pillaging” Greece for ...
Posted in Uncategorized | Comments Off on Ambling Towards the Cliff
Monday, June 15th, 2015
Via Ian Lyngen at CRT Capital:
The Treasury market was reasonably well bid coming into the NY session with the collapse of the Greek debt negotiations the primary theme pushing yields lower. The price action persisted and was able to find additional backing in the form of the fundamentals via softer ...
Posted in Uncategorized | Comments Off on End of Day
Monday, June 15th, 2015
These headlines came to me about 20 minutes ago when I was away from AcrosstheCurves sprawling global headquarters.
Via a fully paid up subscriber:
(BN) *EURO-ZONE COUNTRIES READY CAPITAL CONTROLS FOR GREECE: PAP
ER
+------------------------------------------------------------------------------+
BFW 06/15 17:53 *EU FIN. MINISTERS TO MEET THURS, FRI IN LUXEMBOURG:SUEDDEUTSCHE
BN 06/15 17:53 *EU FIN. MINISTERS TO MEET THURS, ...
Posted in Uncategorized | Comments Off on Capital Controls
Monday, June 15th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
ECB: The European Court of Justice is scheduled to release its final ruling on the legality of the ECB’s Outright Monetary Transactions (OMT) program introduced in 2012; it is widely expected the program will be valid under the ruling.
GREECE: Greek PM Tsipras is scheduled ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Monday, June 15th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-06-15 14:05:03.438 GMT
By Allan Lopez
(Bloomberg) -- 2 new issues expected to price today:
* SoCal Gas Co. $600m (will not grow) Aa2/A+
*
* 3Y, 10Y first mortgage bonds
* IPT 3Y +60, 10Y +100 (both area)
* Books: BNP, CastleOak, CACIB, Mizuho, ...
Posted in Uncategorized | Comments Off on New issue Corporate Calendar Today
Monday, June 15th, 2015
Via Stephen Stanley at Amherst Pierpont Securities:
The May industrial production figures were softer than expected (again), slipping by 0.2%, as the manufacturing sector posted a 0.2% decline last month, matching the worst performance since January. Excluding a modest increase in the motor vehicle sector (which appears to be very strong ...
Posted in Uncategorized | Comments Off on Industrial production: Weak
Monday, June 15th, 2015
In the previous post I wrote incorrectly that my friend Steve Liddy viewed 151-15 as a key technical level. In fact his level was 151-21 and not 151-15. I need an editor. Apologies to Steve and anyone who read that.
Posted in Uncategorized | Comments Off on Errata
Monday, June 15th, 2015
My friend Steve Liddy thinks that 151-15 is a key level on the Bond Contract.
Via Steve Liddy:
After the May M/E rally, this level held, on bounces both 6/3 and 6/4. It also
held Friday, and then again twice this morning.
Posted in Uncategorized | 1 Comment »