Archive for August, 2015
Wednesday, August 5th, 2015
Via Millan Mulraine at TDSecurities:
The US trade balance widened to $43.84B in June, following the downwardly revised print of $40.9B the moth before (previously reported as $41.9B). The rise in the deficit was slightly more than the market consensus for $43.0B, and it was on account of rising import activity, ...
Posted in Uncategorized | Comments Off on Trade Balance
Wednesday, August 5th, 2015
My previous post was a Bloomberg story which quoted an excerpt from the minutes of the Treasury Borrowing Advisory Committee meeting. The Committee is a group of buyside and sell side bond market major domos who advise the Treasury on funding its Brobdingnagian debt. They meet quarterly and the minutes ...
Posted in Uncategorized | Comments Off on TBAC
Wednesday, August 5th, 2015
Via Bloomberg:
Committee Discussed Issuing More Long-Dated Debt: TBAC Minutes
2015-08-05 12:30:35.713 GMT
By Alexandra Harris
(Bloomberg) -- Some members of Treasury Borrowing Advisory
Committee in favor of issuing more long-dated debt touted
benefits of issuance “given low absolute interest costs,”
minutes show.
* Some market participants have suggested Treasury increase
amount of long-term debt to protect against higher ...
Posted in Uncategorized | Comments Off on More Long Debt?
Wednesday, August 5th, 2015
Via A fully paid up subscriber:
BANK/FIN ON THE RUN OPEN
8/4 CLOSE 8/5 OPEN CHANGE
GE 24 89/86 89/86 -0-
WFC 25 127/124 126/123 -1
JPM 25 ...
Posted in Uncategorized | Comments Off on Corporate Bond Run
Wednesday, August 5th, 2015
Via a market maker who requests anonymity:
The markets are struggling to understand just how much and which data the Fed is using for its data dependent decision making. All the Fed speak has placed a heavy emphasis on jobs growth and payroll data while being dismissively silent on the inflation ...
Posted in Uncategorized | Comments Off on Excellent Commentary
Wednesday, August 5th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, July 31 (prior 0.8%)
* 8:15am: ADP Employment Change, July, est. 215k (prior
237k)
* 8:30am: Trade Balance, June, est. -$43b (prior -$41.87b)
* 9:45am: Markit US Composite PMI, July final (prior 55.2)
* Markit US Services PMI, July final, est. ...
Posted in Uncategorized | Comments Off on What to Watch Today
Wednesday, August 5th, 2015
Via Bloomberg and a fully paid up subscriber:
IG CREDIT PIPELINE: RBS Set to Price 2-Part Sub. Perp Deal
2015-08-05 09:39:21.500 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Royal Bank of Scotland Group (RBS) na/B/BB-, 2-part deal of
SEC registered Perpetual Subordinated Contingent Convertible
Additional Tier 1 Capital Notes, via managers
BofAML/CS/MS/RBS
* Perp/NC5, IPT ...
Posted in Uncategorized | Comments Off on Corporate Bond Pipeline
Wednesday, August 5th, 2015
Via Marc Chandler at Brown Brothers Harriman:
There are four main talking points today:
1) Divergences in the trajectory of monetary policy, illustrated by Atlanta Fed's Lockhart yesterday, and to be tested today by the ADP private sector employment estimate 2) The July service sector PMIs
3) The IMF's update on the ...
Posted in Uncategorized | Comments Off on FX
Wednesday, August 5th, 2015
Via Bloomberg:
IG CREDIT: Spreads Remain at or Near Wides of 2015; RBS to Price
2015-08-05 10:00:17.42 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.1b vs $9.9b Monday, $16.3b last Tuesday. 10-DMA
$13.3b; 10-Tuesday moving avg $15.3b.
* 144a trading added $2.3b of IG volume vs $1.3b on Monday,
$3.7b ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading Yesterday
Tuesday, August 4th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-08-04 14:01:00.0 GMT
By Polina Noskova
(Bloomberg) -- 5 new issues expected to price today:
* 3M $Benchmark Aa3/AA-
* 3Y, 5Y, 10Y
* IPT 3Y +45-50, 5Y +65A, 10Y +95A
* Books: BofAML, GS, JPM
* Philip Morris $1b A2/A
* 2Y, 10Y
* IPT 2Y ...
Posted in Uncategorized | Comments Off on Today’s Corporate Calendar