Archive for September, 2015
Tuesday, September 29th, 2015
This is the piece from Bloomberg I regularly post which chronicles secondary market trading of corporates the previous day. In the story today it notes various indices at multi year wides.
Via Bloomberg:
IG CREDIT: Spreads Hit Multi-Year Wides; Issuance Has Problems
2015-09-29 10:13:58.379 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with ...
Posted in Uncategorized | Comments Off on Credit Spreads at Multi Year Wides
Tuesday, September 29th, 2015
I was talking to a friend who formerly lived in New York and now lives on the West Coast but now wants to return to the Right Coast after a decade away. She has been searching for an apartment on the Upper West Side and told me of bidding wars ...
Posted in Uncategorized | Comments Off on New York Apartment Prices Slip in Q3
Monday, September 28th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
INDIA: The RBI is expected to reduce its Repurchase rate by 25bp to 7.0%, according to the BBerg consensus, still well above the headline of inflation rate of 3.7%.
JAPAN: The Bberg consensus expects the Small Business Confidence index to slip back to 48.3 for ...
Posted in Uncategorized | Comments Off on Overnight Data
Monday, September 28th, 2015
Qatar (needs to buy a vowel) maintains a $250 billion sovereign wealth fund and that fund is a little poorer following recent price action. The FT reports the fund shrank by $12 billion this quarter as losses on Volkswagen, Glencore and Agricultural Bank of China produced substantial losses.
Via the FT:
Qatar’s ...
Posted in Uncategorized | Comments Off on Qatar SWF Takes Hit
Monday, September 28th, 2015
Via David Ader and Ian Lyngen at CRT Capital (excerpt from longer note):
We've been focused on a potential head & shoulders in the 10-year sector and Monday's price action has confirmed the formation with a break of the 200-day moving-average at 2.12%. The 'small' projection of the relatively measured move ...
Posted in Uncategorized | Comments Off on Technicals
Monday, September 28th, 2015
My friend and former colleague Steve Liddy forwarded this article by Luke Kawa (friend of this blog)of Bloomberg. It is an exceptional recapitulation of the demographic forces which have shaped the last several decades and how those changing demographic factors will manifest in the future.
Via Bloomberg:
The Three Major Trends that Shaped ...
Posted in Uncategorized | Comments Off on Demographic Trends
Monday, September 28th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-09-28 14:01:00.0 GMT
By Allan Lopez
(Bloomberg) -- List of new issues expected to price today:
* PECO Energy $350m (will not grow) Aa3/A-
* 10Y FMB
* IPT: +125 area
* Books: CS, MUFG, Scotia
* PPL Electric Utilities $350m (will not grow) A1/A
* ...
Posted in Uncategorized | Comments Off on New Issue Calendar
Monday, September 28th, 2015
Via TDSecurities:
TD SECURITIES DATAFLASH
US: Personal Spending Buoyant, But Inflation Still Subdued
· Personal spending was broadly in line with consensus, up 0.4% m/m. In real spending was also decent, gaining 0.4% m/m, which is quite strong and is in-line with our expectation for a 2.3% to 2.5% Q3 GDP growth performance.
· ...
Posted in Uncategorized | Comments Off on Spending and Income
Monday, September 28th, 2015
Via Kit Juckes at SocGen:
<http://www.sgresearch.com/r/?id=heb825c2,142e2df3,142e2df4&p1=136122&p2=808f56f22f8381df66bac85e67280ed1>
http://www.sgresearch.com/r/?id=heb8e763,142f3707,142f3708&p1=136122&p2=f879fea9a0aad592587a981a05e1a8a1
Good morning. From a damp morning in Toronto. If a red sky at night is a shepherd's delight, what does that make a red mood? I hope, in any case, that shepherds are happier than the Norwegian krone, or indeed than the majority of EM currencies ...
Posted in Uncategorized | Comments Off on More FX
Monday, September 28th, 2015
Secessionist parties in Catalan failed to garner a majority in weekend elections and Spanish bonds are rallying against Bunds and Treasuries.
I follow the spread versus Treasuries and that spread which was 14 through on Friday AM is now 20 rich to US in the 10 year sector.
Click the link for ...
Posted in Uncategorized | Comments Off on Spanish Elections