Archive for July, 2015
Wednesday, July 8th, 2015
Via Bloomberg :
IG CREDIT PIPELINE: List Keeps Growing as Issuance Re-Starts
2015-07-08 09:39:02.855 GMT
By Robert Elson
(Bloomberg) -- Set to price today:
* KFW Aaa/AAA, $bench 3Y, via managers BofAML/HSBC/MS;
guidance MS +2 area
* The following names may be added to calendar in coming days,
weeks, months:
* Thai Oil (TOPTB) Baa1/BBB, mandates HSBC/SCB for investor
meetings ...
Posted in Uncategorized | Comments Off on Corporate Pipeline
Wednesday, July 8th, 2015
He does not break any new ground here but discusses if the FOMC will swim against the global central bank tide.
Via Jon Hilsenrath at the WSJ:
If the Fed raises U.S. interest rates when much of the rest of the world is making credit cheaper, the dollar could strengthen and restrain ...
Posted in Uncategorized | Comments Off on Hilsenrath Article
Wednesday, July 8th, 2015
Via the NYTimes:
Technology
Major Job Cuts Expected at Microsoft
By NICK WINGFIELDJULY 8, 2015
SEATTLE — Microsoft plans to announce a major new round of layoffs as early as Wednesday, as the company seeks to further cut costs in a shifting technology landscape.
The layoffs are in addition to the about 18,000 employees that ...
Posted in Uncategorized | Comments Off on Microsoft Layoffs
Wednesday, July 8th, 2015
Via a fully paid up subscriber:
Goldies ECB: Goldman a strong signal from the ECB that it will use its balance sheet to ensure the stability of the Euro area financial system. More specifically they expect:
Key ECB policy rates to be left unchanged.
Re-confirmation of the deposit rate of -20bp as the ...
Posted in Uncategorized | Comments Off on GS on ECB
Wednesday, July 8th, 2015
Via the WSJ:
By Marc Myers
July 7, 2015 11:29 a.m. ET
Janis Joplin’s “Mercedes Benz” was an accident. The song’s lyrics were written at a Port Chester, N.Y., bar in August 1970 during an impromptu poetry jam between Joplin and songwriter-friend Bob Neuwirth. The lyrics—a sardonic prayer for a sports car, a ...
Posted in Uncategorized | Comments Off on Aging Baby Boomer Alert: Great Article on Iconic Joplin Song
Wednesday, July 8th, 2015
Pension fund buying in 5s.
Real Money buying 7 year Spread Product.
Bank Portfolios and Money Managers buying 10s and 30s.
Central Banks and bank Portfolios selling 2 year and shorter paper.
Posted in Uncategorized | Comments Off on Overnight Flow
Wednesday, July 8th, 2015
This story sagely notes that there are two emotions which motivate trading: greed and fear. In China greed as morphed into fear and that fear has compelled those holding leveraged positions to sell.
Via Bloomberg (and rather long):
China Stocks Plunge as State Support Fails to Revive Confidence
July 7, 2015 — 9:21 ...
Posted in Uncategorized | Comments Off on Fear Ascendant
Wednesday, July 8th, 2015
Back in the day when I was hawking liquid rates product to the unsuspecting there would be times when a client would in the course of the conversation demonstrate that he or she was unabashedly bullish (or bearish). On those occasions I would respond (only partially facetiously) with the line, ...
Posted in Uncategorized | Comments Off on “Let me get you an offering”
Wednesday, July 8th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=he207f25,133ed5ba,133ed5bb&p1=136122&p2=6db857e054865befea4f369ea51478c4>
Sunday has emerged as the final (final) deadline for Greek debt talks to reach a successful conclusion. And this time, it really does fell as though we are reaching a critical point. There was optimism yesterday evening that the Greek Government was not insisting on a ...
Posted in Uncategorized | Comments Off on Early Morning FX Musings
Tuesday, July 7th, 2015
Via Merrill Lynch Research:
It's all about long term inflation. Today's volatile markets were driven not only by developments in the Greece situation, but also concerns about China, oil and base metals as well. Clearly the reasons behind the recent 28% decline in Chinese equities (Shanghai) are very bearish for commodities ...
Posted in Uncategorized | Comments Off on Eclectic Stuff