Archive for July, 2015

Overnight Preview

Monday, July 13th, 2015

Via Robert Sinche at Amherst Pierpont Securities: The Bloomberg consensus expects both the Bank of Indonesia (7.50%) and Chilean CB (3.0%) to leave policy rates unchanged. AUSTRALIA: NAB indexes of Business Confidence and Business Conditions both have shown encouraging, although modest, improvements in recent months as the weakening AUD improves competitiveness; Chinese ...

Long Dated Financial Open

Monday, July 13th, 2015

7/10 CLOSE    7/13 OPEN      CHANGE GE  24        88/85          88/85            -0- WFC 25      119/116        119/116          -0- JPM 25      137/134        137/134          -0- C  ...

New Corporate Deal

Monday, July 13th, 2015

Bloomberg is reporting that drug store chain CVS will sell a seven tranche deal to raise $13 billion to $15 billion.

Bank Pipeline

Monday, July 13th, 2015

Via Bloomberg: Banks May Issue Debt as Earnings Blackouts Set to Expire 2015-07-13 12:37:59.750 GMT By Allan Lopez and Robert Elson (Bloomberg) -- The following may issue debt as they exit earnings blackout periods: * 2Q EARNINGS SCHEDULE: * July 14 * JPMorgan Chase (JPM) A3/A * Reported 1Q earnings and issued $2b perp NC5 hybrid pfd shrs, EU1B tap ...

FX

Monday, July 13th, 2015

Via Marc Chandler at Brown Brothers Harriman Greece Capitulates, Attention Turns to ECB - The Greek government has capitulated on nearly all of European demands, seemingly averting an unceremonious exit from the monetary union - The acceptance of the creditors’ demands is likely to precipitate a domestic political crisis that will lead to ...

What to Watch Today

Monday, July 13th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * 2:00pm: Monthly Budget Statement, June (est. $41.0b) * Central Banks * 11:00am: U.S. to announce plans for auction of 4W bills * 11:30am: U.S. to sell $24b 3M bills, $24b 6M bills

Secondary Market Corporate Bond Trading Friday

Monday, July 13th, 2015

Via Bloomberg: 2y = 0.677% 5y = 1.709% 10y = 2.45% Bond = 3.232% DOW mini futs +130 S&P mini futs +15 NASDAQ mini +40 Nikkei +310 FTSE +51 Snghai +92 ¥en = 123.35 €uro = 1.1071 Oil = $52.16 ============================================================================= Robert Elson (212) 617-2981 [email protected] Bloomberg L.P. 731 Lexington Avenue / 4th Floor New York, NY 10022 IG CREDIT: Long TWC Issues Led Flows; Issuance Expected 2015-07-13 09:50:35.52 GMT By Robert Elson (Bloomberg) ...

FX Musings Written Prior to Greek Surrender

Monday, July 13th, 2015

Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he28424a,134ae831,134ae832&p1=136122&p2=ce5ecc614c73859c43c6d27c814e3130> Good (wet) morning.  The link above is to the conclusions I reached when I went to bed and not a whole lot has changed overnight.  What have we learned? Mostly, that trust once lost, is not easily regained. We've also confirmed that not all the other ...

Curvology

Monday, July 13th, 2015

The Treasury market has taken a battering post the announcement that Greece has capitulated to creditor demands. The belly of the curve has performed worst. the 5s 7s 10s spread closed Friday at 13.5 and trades currently at 15.3. That is an outsized move for that trio of bonds. The ...

Greek Surrender

Monday, July 13th, 2015

In the middle of the night EuroZone leaders announced an agreement on a Greek bailout package. The agreement amounts to surrender and capitulation by the current Greek government.The agreement compels pension reform and higher sales taxes as well as provisions which make it easier to close banks. Mr Tsipiras should go ...