Archive for July, 2015
Thursday, July 9th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Over the next week China will release monetary data for June. As usual, our key focus will be Aggregate Financing Activity, which has not shown signs of accelerating growth; through May the 12-month MA was at a 2 ½-year low. Also expected is ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, July 9th, 2015
Mortgages are 2 ticks to 7 ticks tighter today with robust buying by money managers and bank portfolios. One trader noted that a large money manager lifted the street yesterday and created a short which has not yet been rectified.
Posted in Uncategorized | Comments Off on MBS
Thursday, July 9th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-07-09 14:01:00.0 GMT
By Greg Chang
(Bloomberg) -- 7 new issues expected to price today:
* Charter Communications Operating LLC $bench Ba1/BBB-
* 5Y, 7Y, 10Y, 20Y, 30Y, 40Y: 144A/Reg S with reg rights
* IPT 5Y +215, 7Y +255, 10Y +275, 20Y ...
Posted in Uncategorized | Comments Off on Today’s New Issue
Thursday, July 9th, 2015
Via Ian Lyngen at CRT Capital:
We are mixed on our outlook for this afternoon's long-bond reopening auction and if anything we see the risks skewed toward a strong takedown. While 30-year auctions have recently struggled, the sector has performed well this week and this morning's selloff is pricing in a ...
Posted in Uncategorized | Comments Off on Thirty Year Auction
Thursday, July 9th, 2015
Via Bloomberg:
Smaller Dealer Balance Sheets Eroding Global Liquidity: Barclays
2015-07-09 13:02:21.343 GMT
By Alexandra Harris
(Bloomberg) -- Regulatory-driven shrinking of dealer
balance sheets and central bank QE programs have contributed to
the increasing illiquidity of cash bond markets around the
world, Barclays strategists wrote in note yday.
* NOTE: Strategists include Anshul Pradhan, Vivek
Shukla,Cagdas Aksu, Huw Worthington, ...
Posted in Uncategorized | Comments Off on Another Article on Liquidity
Thursday, July 9th, 2015
Via Cheng Chen at TDSecurities:
Weekly initial claims surprised to the upside in the latest week, jumping to 297K from a revised 282K last week. The spike in claims is indicative of the beginning of the auto industry’s auto retooling shutdowns, which are typically prevalent during this point in the year. ...
Posted in Uncategorized | Comments Off on Claims Data Retooled
Thursday, July 9th, 2015
Today Jack Lew and his acolytes offer a $13 billion dollop of Long Bonds to the investment community.
Here is an excerpt from the morning note to clients by Gennadiy Goldberg at TDSecurities:
Tricky Backdrop for 30s: Auctions thus far in the week have come in relatively firm, with the 3yr sale ...
Posted in Uncategorized | Comments Off on Land of the Big 01
Thursday, July 9th, 2015
Via a fully paid up subscriber:
Swap spreads tighter by 1 basis point on the open as "risk on" is today's flavor. The attached article raises a valid point that the back log of corp supply is waiting in the wings. For swap spreads this will keep narrowing pressure in place ...
Posted in Uncategorized | Comments Off on Swap Market Commentary
Thursday, July 9th, 2015
Reflecting the risk on mentality coursing through the markets this morning long dated financials are one basis point to two basis points tighter this morning. For some context I received this information at 802AM New York time (the only time).
Via a fully paid up subscriber:
7/8 CLOSE 7/9 OPEN ...
Posted in Uncategorized | Comments Off on Long Dated Financials
Thursday, July 9th, 2015
Via Bloomberg:
IG CREDIT: Low Volume for a Wed.; Issuance May Be Busy Again
2015-07-09 10:07:11.940 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $12.7b vs $13.6b Tuesday, $13.7b the previous
Wednesday. 10-DMA $12.2b; 10-Wednesday moving avg $15.9b.
* 144a trading added $2b of IG volume vs $2.1b on Tuesday,
$2.2b ...
Posted in Uncategorized | Comments Off on Secondary Market Corporate Bond Trading Yesterday