Archive for July, 2015

Potential Corporate Bond Deals

Wednesday, July 15th, 2015

Via Bloomberg: BFW 07/14 09:56 IG CREDIT PIPELINE: 6 Deals Set to Price; More Expected Today IG CREDIT PIPELINE: AMAT Shelf, Thai Oil, Aetna, Danaher 2015-07-15 09:54:30.697 GMT By James Holloway (Bloomberg) -- The following names may be added to calendar in coming days, weeks, months: * Applied Materials (AMAT) A3/A-, files automatic debt shelf; last issued in ...

What to Watch Today

Wednesday, July 15th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 7:00am: MBA Mortgage Applications, July 10 (prior 4.6%) * 8:30am: PPI Final Demand, June m/m, est. 0.2% (prior 0.5%) * PPI Ex Food and Energy, June m/m, est. 0.1% (prior 0.1%) * PPI Ex Food, Energy, Trade, June m/m, est. 0.1% (prior -0.1%) * PPI Final Demand, ...

End of an Era

Wednesday, July 15th, 2015

I have always been fascinated and troubled by the Holocaust which accompanied World War 2. It is incomprehensible to me that most of the German populace acquiesced to that tragedy and that so few objected to the human slaughter. It is one thing for Hitler to spew his venom in ...

FX

Wednesday, July 15th, 2015

Via Marc Chandler at Brown Brothers Harriman: An Eventful Day - The Greek parliament must pass pension and tax reform measures today - The new wrinkle in the Greek drama is that the IMF seems to be hardening its stance - The Bank of Canada meets today amid growing speculation of a rate cut - ...

Cutting Out the Middleman

Wednesday, July 15th, 2015

I have chronicled on these pages the decline in liquidity in the US bond market. Here is another story via Bloomberg which reports that buy side behemoth Blackrock has begun trading corporate bonds with interdealer brokers. Via Bloomberg: BlackRock Inc. is muscling into trading venues that had long been the exclusive territory ...

Treasury Update

Wednesday, July 15th, 2015

The Treasury curve flattened overnight in quiet trading. The 5s 10s spread narrowed to 73.1 from 74. The 5s 30s spread flattened to 151.3 from 153.1. Similarly, 10s 30s moved tighter to 78.2 from 79.1. ( I compared each to levels I marked at 1000PM New York time.) The only meaningful ...

Early Morning FX Musings

Wednesday, July 15th, 2015

Via Kit Juckes at Socgen: <http://www.sgresearch.com/r/?id=he2cfcfb,135240ef,135240f0&p1=136122&p2=cec6e624e374de7869a3d8f746fc3efc> Now that the posh people have left and the eyes of the world have swivelled back towards Athens (vote result expected at 20:00 BST but who knows, really), I've hopped on the train and come to Brussels. A Greek veto would wreak chaos. A Greek yes ...

Eclectic Stuff

Tuesday, July 14th, 2015

Via Merrill Lynch Research: Supply weighs. Two large US banks today reported 2Q results with one bringing a bond deal to the market. Recall that most US companies remain in issuance blackouts immediately before reporting their quarterly results, which most do in July and early August. The remaining large US banks ...

IMF Questions Greece Ability to Pay

Tuesday, July 14th, 2015

Via WSJ: By Ian Talley Updated July 14, 2015 6:45 p.m. ET 6 COMMENTS WASHINGTON—The International Monetary Fund in a paper made public Tuesday questioned the ability of Greece to deliver on promised bailout overhauls and warned in its starkest language yet that the eurozone must commit to debt restructuring to ...

Overnight Data Preview

Tuesday, July 14th, 2015

Via Robert Sinche at Amherst Pierpont Securities: AUSTRALIA: Consumer Confidence has not been rebounding similar tio business confidence in recent months, with the index down -6.9% in June following a +6.4% surge in May. CHINA: The BBerg consensus expects Real GDP to be reported up 6.8% YOY in 2Q, down from 7.0% ...