Archive for June, 2015

Corporate Bond Trading Yesterday

Thursday, June 25th, 2015

Via Bloomberg: IG CREDIT: Volume Steady, Spreads Leak Wider; GS 10Y Led 2015-06-25 09:42:14.397 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $15.3b vs $15.4b Tuesday, $14b last Wednesday. 10-DMA $13.7b; 10-Wednesday moving avg $16.6b. * 144a trading added $1.6b of IG volume vs $2.8b on Tuesday, $2.4b last Wednesday * Most ...

Early Morning FX

Thursday, June 25th, 2015

Via Kit Juckes at Socgen; <http://www.sgresearch.com/r/?id=he09c3cb,131b7854,131b7855&p1=136122&p2=e2527434fc4d9ae6b71ed557d4471e18> Greek debt talks, stalled as the IMF pushes for less reliance on tax increases and a greater focus on pension reform, resume at noon UK time today and markets are in ‘wait and see' mode. the standard market assumption is (still) that a last-minute slightly-tarnished solution ...

Yellen Testimony

Thursday, June 25th, 2015

Federal Reserve Chairman Janet Yellen will make her semi annual report to Congress on July 15th and July 16th. That is the testimony which was formerly known as the Humphrey Hawkins testimony. Via the WSJ: Federal Reserve Chairwoman Janet Yellen is headed back to Capitol Hill, where she could face some heat ...

Creditors Deliver Ultimatum to Greece

Thursday, June 25th, 2015

Via the FT: Tsipras given 11am Brussels deadline 12 minutes ago Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Alexis Tsipras, the Greek prime minister, until 11am Brussels time to come up with a workable compromise economic reform plan to release €7.2b in desperately needed ...

Eclectic Topics

Wednesday, June 24th, 2015

Via Merrill Lynch research: From optimism to reality. With today's headlines highlighting still significant differences that need to be reconciled between Greece and its lenders, within the context of a lack of time, US stocks gave back all their Greek optimism from earlier in the week (-0.74%) and closed near Friday's ...

Non Market Story

Wednesday, June 24th, 2015

This is from professor Jonathan Turley's excellent judicial and legal blog. It reads like a script of a Seinfeld episode. Via professor Jonathan Turley: Virginia Patient Awarded $500,000 After Doctors Mocked Him While Unconscious During Colonoscopy 1, June 24, 2015 jonathanturley Bizarre, Torts A year ago, we discussed a bizarre case where a colonoscopy patient ...

Radio Shack or Lehman Brothers

Wednesday, June 24th, 2015

Via the NYTimes: There is one big question that hangs over the last-ditch negotiations this week between the Greek government and its lenders, even if no one involved would frame it quite this way: Is Greece more like RadioShack, or more like Lehman Brothers? Whenever a company files for bankruptcy, it is ...

Most Disturbing Story of Day

Wednesday, June 24th, 2015

I am a big consumer of olive oil so this story caused me some pain. Via the FT: Foodies brace yourselves. The world is facing an oil shock — of the extra virgin olive sort. Prices of the high quality olive oil produced in Italy have surged after last year’s bacteria outbreak that ...

Less than Festive Five Year Note Result

Wednesday, June 24th, 2015

Via Ian Lyngen at CRT Capital: *** A weak takedown with non-dealers awarded 62.2% vs. 66% norms and a 1.1 bp tail. *** * 5-year auction stops at 1.710% vs. 1.699% 1pm bid WI. * Dealers were awarded 43.4% vs. 34% average of last four 5-year auctions. * Indirects get 56.6% vs. 59% norm. * ...

Overnight Data Preview

Wednesday, June 24th, 2015

Via Robert Sinche at Amherst Pierpont Securities: SURPRISE…another EU Summit! This two-day meeting of EU heads of state was planned a while ago to discuss UK membership terms and defense and migration policy…but Greece might come up. AUSTRALIA: Data on Job Vacancies for 2Q2015, with gains in 4 of the last 5 ...