Archive for July, 2015
Thursday, July 30th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
RUSSIA: The BBerg consensus expects the CBR to cut its policy rate by 50bp to 11.0%, although the recent weakening of the RUB may prevent that expected cut; the peak was 17% at end 2014.
AUSTRALIA: Private Sector credit growth returned to its cycle high ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, July 30th, 2015
Via Bloomberg:
MORE IG CREDIT PIPELINE: Deals Continue to Be Added
2015-07-30 17:41:44.557 GMT
By Polina Noskova
(Bloomberg) -- (Adds J.B. Hunt, RBS, Celgene)
Today’s updates to the pipeline:
* J.B. Hunt Transport (JBHT) Baa1/BBB+, asks GS/JPM/MS to
arrange telephonic investor meetings on Friday, July 31
* Royal Bank of Scotland Group (RBS) Ba1/BBB-, mandates
BofAML/CS/MS/RBS RBS to arrange ...
Posted in Uncategorized | Comments Off on Updated Corporate Pipeline
Thursday, July 30th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-07-30 14:01:00.0 GMT
By Allan Lopez
(Bloomberg) -- 4 new issues expected to price today:
* Ford Motor Credit $benchmark Baa3/BBB-
* 5Y fxd and/or FRN, 10Y
* Denoms: $200k x $1k
* IPT 5Y fxd +165 area, 5Y FRN 3mL equivalent, 10Y +200
area
* ...
Posted in Uncategorized | Comments Off on Expected to Price Today
Thursday, July 30th, 2015
Via Ian Lyngen at CRT Capital:
We're cautiously optimistic about the prospects for this afternoon's 7-year auction and anticipate a solid reception. The market is a bit stronger this morning, although not pricing in a concession, and in the wake of strong demand for 2s and 5s we're anticipating similar interest ...
Posted in Uncategorized | Comments Off on Seven Year Note Auction
Thursday, July 30th, 2015
Via the WSJ:
The Worst Expansion Since World War II Was Even Weaker
By
Eric Morath
The economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data.
From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of ...
Posted in Uncategorized | Comments Off on Regarding the Strength of the Recovery
Thursday, July 30th, 2015
Via Millan Mulraine at TDSecurities:
Treasuries are weaker with the curve bear-flattening as the better than expected tone of the Q2 GDP report is expected to bolster the Fed's confidence in the economic recovery and strengthen the case for a September hike. The report essentially reaffirmed that the US recovery has moved ...
Posted in Uncategorized | Comments Off on GDP Analysis
Thursday, July 30th, 2015
There has been significant curve flattening since I first marked levels at about 515AM this morning. The 5s 10s spread has flattened to 63.8 from 66.3. The 5s 30s spread has narrowed to 132.6 from 136.2. The 10s 30s spread narrowed to 68.8 from 69.4. The 5s 7s spread is ...
Posted in Uncategorized | Comments Off on Curvology
Thursday, July 30th, 2015
This is from 803AM New York time so a bit dated (I was swimming laps at that time).
7/29 CLOSE 7/30 OPEN CHANGE
GE 24 90/87 89/86 -0-
WFC 25 129/126 128/125 ...
Posted in Uncategorized | Comments Off on Corporate Bond Run
Thursday, July 30th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: New Advance Report on U.S. International Trade
in Goods
* 8:30am: GDP Annualized q/q, 2Q A, est. 2.5% (prior
-0.2%)
* Personal Consumption, 2Q A, est. 2.7% (prior 2.1%)
* GDP Price Index, 2Q A, est. 1.5% (prior 0%)
* Core PCE q/q, 2Q A, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, July 30th, 2015
Via the FT:
It’s become known in the coffee market as the “July squeeze”.
A group of traders and coffee roasters stand to lose millions of dollars at the end of this week as a rival dealer has amassed a huge position in the August Robusta coffee contract pushing the market, they ...
Posted in Uncategorized | Comments Off on Coffee Squeeze