Archive for July, 2015

Dealer Positions in Corporate Bonds

Friday, July 24th, 2015

Via Bloomberg: IG CREDIT: Dealer Positions in Corporates Rose, Led by 5-10Yrs 2015-07-24 10:30:54.804 GMT By Robert Elson (Bloomberg) -- Dealer positions in corporate bonds rose $872m to $27.7b as of July 15. $21.1b, seen Feb. 11, is the low for the series Fed began in April 2013. $45.9b, seen March 5, 2014, is the high. * Investment ...

Early FX Thoughts

Friday, July 24th, 2015

Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he40011f,136fd642,136fd643&p1=136122&p2=e95d3997b415f8844ff7d210b0fa02ee> Good Morning. The FX weekly we wrote last night didn't point out that a weak Caixin Chinese flash PMI (48.2 vs 49.4 last month and 49.7 expected) would tag-team with new lows in copper prices, lower oil prices, weakness in BRL, concerns about Russia (see Ambrose ...

Secondary Market Corporate Bond Trading Yesterday

Friday, July 24th, 2015

Via Bloomberg: IG CREDIT: QCOM, C 5Y Issues Led Trading on Client Flows 2015-07-24 09:54:39.449 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $14.9b vs $13.6b Wednesday, $15.4b the previous Thursday. 10-DMA $13b; 10-Thursday moving avg $14b. * 144a trading added $1.9b of IG volume vs $2.1b on Wednesday, $2.8b last ...

No Export Bounce for EMs

Thursday, July 23rd, 2015

Via the WSJ: By Anjani Trivedi and Carolyn Cui July 23, 2015 7:15 p.m. ET 0 COMMENTS The bright side of a currency decline is supposed to be rising exports. But in key emerging markets around the world, that isn’t happening. Currencies in some countries are hitting new lows, down as much as 30% in the ...

Curve Technicals

Thursday, July 23rd, 2015

This is some excellent analysis of the recent move in the 5s 30s curve and the next key levels to observe is it continues to motor tighter. He sent this out earlier today around 400PM New York time (for some context). Via my former colleague and friend Steve Liddy: Mid morning yesterday, ...

What to Watch Today

Monday, July 20th, 2015

Via Bloomberg: WHAT TO WATCH: * (All times New York) * Economic Data * No major reports * Central Banks * 7:50pm: Bank of Japan issues minutes of June 18-19 policy meeting * 9:30pm: Reserve Bank of Australia issues July meeting minutes * Supply * 11:00am: U.S. to announce plans for auction of 4W bills * 11:30am: U.S. to sell $24b 3M ...

FX

Monday, July 20th, 2015

Via Marc Chandler at Brown Brothers Harriman: - The central banks in the US and the UK stand in strong contrast against those of other high income countries; the divergence has not yet peaked - China has aggressively acted to stem the equity sell-off; it appears to be working though not all ...

Morning FX Musings

Monday, July 20th, 2015

Via Kit Juckes at SocGen: <http://www.sgresearch.com/r/?id=he35c8b1,136006d6,136006d7&p1=136122&p2=2d7e4c26c7044105add10c3618ce71b4> I don't suppose I'm allowed to come over all English and declare a day of mourning after the capitulation of my country's cricket team, so that I can spend the day watching golf instead of EUR/USD? Monday morning opinions are often biased by the trends at the ...

Watch Your Front End Longs

Sunday, July 19th, 2015

Via the FT: Beware the Fed on the ides of September Gavyn Davies | Jul 19 16:48 Now that the major downside risks from Greece, China and Iran seem to be under control, investors are redirecting their attention to a much more familiar question: will the Fed impart a nasty ...

Merkel on Greek Haircuts

Sunday, July 19th, 2015

Via Bloomberg: BN 07/19 14:47 *MERKEL PLAYS DOWN DIFFERENCES WITH FINANCE MINISTER SCHAUEBLE BN 07/19 14:47 *MERKEL: HAS RECEIVED NO REQUEST FOR RESIGNATION FROM MINISTER BFW 07/19 14:47 *MERKEL: WILL PUSH FOR GREEK IMPLEMENTATION ALONGSIDE SCHAEUBLE BN 07/19 14:47 *MERKEL SAYS GREEK DEAL MUST BE NEGOTIATED SWIFTLY BN 07/19 14:45 *MERKEL COMMENTS IN INTERVIEW WITH ...