Archive for July, 2015

Corporate Pipeline

Thursday, July 30th, 2015

Via Bloomberg: IG CREDIT PIPELINE: 3 Additions/Updates to the Lengthening List 2015-07-30 09:50:43.8 GMT By Robert Elson (Bloomberg) -- Today’s updates to the pipeline: * World Bank (IBRD) Aaa/AAA, to price $500m 5Y, via managers GS/Nom * CELG investor meetings July 30-31, via BofAML/C/DB/JPM * Celegene (CELG) Baa1/BBB+ to acquire Receptos (RCPT) for $7.2b; sees financing via cash and ...

FX

Thursday, July 30th, 2015

Via Marc Chandler at Brown Brothers Harriman: Dollar Firmer in the Wake of FOMC - The dollar is broadly firmer in the wake of the FOMC statement, which remains a key talking point; two word clues suggest that the bar to a September rate hike is low - Today's first look at Q2 ...

Corporate Bond Trading Yesterday

Thursday, July 30th, 2015

Via Bloomberg: IG CREDIT: Volume Improves; Pipeline Gets a New Format 2015-07-30 10:17:58.224 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $16.5b vs $16.3b Tuesday, $13.6b the previous Wednesday. 10-DMA $13.6b; 10-Wednesday moving avg $15.2b. * 144a trading added $2.6b of IG volume vs $3.7b on Tuesday, the highest level since ...

Eclectic Stuff

Thursday, July 30th, 2015

Via Merril Lynch Research: Rate hiking risks and then "some". By inserting the word "some" before "further improvement in the labor market" in the part of the FOMC statement that describes conditions needed for liftoff, the Fed effectively lowered the bar. While this is a hawkish tilt, clearly the subsequent ...

Corporate Corner

Thursday, July 30th, 2015

Excellent Bloomberg story on the corporate market and a hat tip to Luke Kawa a fully paid up subscriber @LJKawa: Everyone’s worried about bond market liquidity. That much we know. Whether it’s high-yield corporate bonds sold by junk-rated companies or the ultra-safe Treasuries sold by the U.S. government, investors’ ability to ...

Early Morning FX

Thursday, July 30th, 2015

Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he4f6659,138720d6,138720d7&p1=136122&p2=10c03dc2c1f20a0532d1878dd4fd5524> Carry on catching the data...carry on prevaricating and carry on throwing logs on the carry-bonfire until it refuses to burn, at which point hiking rates might cause some damage. The latest FOMC statement was a teeny-weeny bit more hawkish than its predecessor, as long as you consider ...

Five Year Note Result

Wednesday, July 29th, 2015

Via Ian Lyngen at CRT Capital: *** A strong takedown with non-dealers awarded 72.8% vs. 66% norms and a 1.0 bp stop-through. *** * 5-year auction stops at 1.625% vs. 1.635% 1pm bid WI. * Dealers were awarded 27.2% vs. 36% average of last four 5-year auctions. * Indirects get 67.5% vs. 58% norm. * ...

Liquidity Angst in Corporate Bond Market

Wednesday, July 29th, 2015

Via Bloomberg: Liquidity-Obsessed Bond Buyers Taking Action to Protect Funds by Lisa Abramowicz July 29, 2015 — 11:13 AM EDT Bond-fund managers may debate the exact reason for the deterioration in market liquidity, but one thing is clear: they’re highly concerned about it. And many aren’t waiting to find out the potential implications of suddenly ...

Fund managers Concerned About Treasury Market Liquidity

Wednesday, July 29th, 2015

Via the FT: US Treasuries market faces liquidity concerns Joe Rennison in New York Investors are asking themselves a question that until recently had never been up for debate; how “liquid” are US Treasuries? With $12.6tn of debt outstanding and more than $500bn changing hands every day, US Treasuries are considered the bedrock of ...

Today’s New issue Calendar

Wednesday, July 29th, 2015

Via Bloomberg: IG CREDIT: List of New Issues Expected to Price in U.S. Today 2015-07-29 14:01:00.0 GMT By Allan Lopez (Bloomberg) -- 3 new issues expected to price today: * Canadian Pacific Railway $800m (will not grow) Baa1/BBB+ * Long 10Y, 30Y * IPT 10Y +162.5, 30Y +195 (both area) * Books: BofAML, C, RBC, WFS * DBS Bank ...