Archive for July, 2015
Tuesday, July 14th, 2015
This is an interesting WSJ article (Real Time Economics blog) on the convoluted reasoning which will be required for the IMF to participate in the Greece bailout.
Via the WSJ:
To help keep Greece afloat, the International Monetary Fund may have turn back into a financial contortionist.
In 2010, the IMF’s growth forecasts ...
Posted in Uncategorized | Comments Off on IMF to Twist Itself Into A Pretzel Shape
Tuesday, July 14th, 2015
End user clients domiciled in Japan bought the 7 year through 10 year sector.
Non Japan Asian based clients sold small size in very long end.
Posted in Uncategorized | Comments Off on Overnight Flow
Tuesday, July 14th, 2015
Iran and its interlocutors have agreed on a nuclear deal. The WSJ story reports that the deal would allow Iran to ratchet up its nuclear activity and would remove constraints provided in today's announcement. If that interpretation is correct then we have kicked that can down the road for a ...
Posted in Uncategorized | Comments Off on Legacy Lunacy
Tuesday, July 14th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=he2b0fcb,134f424e,134f424f&p1=136122&p2=34f9eb7600ac583d3fa396404f7284b0>
There wasn't much euphoric celebration of the deal to extend new loans to Greece in return for more austerity and heavily-supervised privatisation. But the hangover is in evidence this morning. Mr Tsipras' Syriza Government may see significant rebellion and approval of the deal in the Greek ...
Posted in Uncategorized | Comments Off on Morning FX Musings
Tuesday, July 14th, 2015
This is a new piece from Brown Brothers Harriman in London. The author is Ilan Solot.
Three Thoughts From London
1/ Despite fascinating new discoveries about Pluto’s surface and news that rapper 50 Cent has filed for bankruptcy, investors are still focused on developments in Greece. The reason is clear: although the ...
Posted in Uncategorized | Comments Off on Thoughts From London
Monday, July 13th, 2015
Jul '15 Credit Investor Survey: Defensive amidst uncertainties. Credit investors shifted their expectations for Fed liftoff a bit later in our most recent July credit investor survey, compared with the prior (May) one. This is not surprising given the passage of time and mirrors the shift in the dot plot ...
Posted in Uncategorized | Comments Off on Eclectic Stuff Via Merrill Lynch
Monday, July 13th, 2015
Via Bloomberg:
CVS $15b Debt Offering Priced
2015-07-13 21:01:35.200 GMT
By Allan Lopez
(Bloomberg) -- Deal is 5th largest YTD, according to
Bloomberg data.
* Spread; Guidance; IPT:
* $2.25b 3y priced at +85; +90a; +110a
* $2.75b 5y priced at +110; +115a; +130a
* $1.5b 7y priced at +135; +140a; +155a
* $3b 10y priced at +155; +160a; +170a
* ...
Posted in Uncategorized | Comments Off on CVS Mega Deal Pricing
Monday, July 13th, 2015
A fully paid up subscriber and friend of the blog forwarded this story which describes the efforts of the Greece's creditors to use UK funds in the Greece bailout.It seems that the EU was attempting to use a backdoor approach to place British taxpayers at risk in the bailout of ...
Posted in Uncategorized | Comments Off on No Soup for You
Monday, July 13th, 2015
The gaggle of regulators who studied the October 15 2014 "flash crash" could not determine a cause. High speed trading might have played a part as did a perfect storm of data which forced fast money to cover shorts. The report does not explicitly cite capital constraints mandated by Dodd ...
Posted in Uncategorized | Comments Off on Report on the Flash Crash
Monday, July 13th, 2015
Via Bloomberg (thirty minutes ago):
CVS $15b Debt Offering Launches in 6 Parts
2015-07-13 17:42:23.880 GMT
By Allan Lopez
(Bloomberg) -- $2.25b 3y launch at +85; guidance +90a; IPT
+110a.
* Order book said to have been near $45b as of 12:40pm ET
* Launch; Guidance; IPT:
* $2.75b 5y +110; +115a; +130a
* $1.5b 7y +135; +140a; +155a
* ...
Posted in Uncategorized | Comments Off on CVS Launch Levels