Archive for July, 2015
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 ...
Posted in Uncategorized | Comments Off on Corporate Pipeline
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 ...
Posted in Uncategorized | Comments Off on FX
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 ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
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 ...
Posted in Uncategorized | Comments Off on Eclectic Stuff
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 ...
Posted in Uncategorized | Comments Off on Corporate Corner
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 ...
Posted in Uncategorized | Comments Off on Early Morning FX
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.
* ...
Posted in Uncategorized | Comments Off on Five Year Note Result
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 ...
Posted in Uncategorized | Comments Off on Liquidity Angst in Corporate Bond Market
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 ...
Posted in Uncategorized | Comments Off on Fund managers Concerned About Treasury Market Liquidity
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 ...
Posted in Uncategorized | Comments Off on Today’s New issue Calendar