Archive for September, 2015
Monday, September 28th, 2015
Via Bloomberg:
IG CREDIT: DOW Issues Led Better Than Average Friday Volume
2015-09-28 09:40:21.820 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $13.3b Friday vs $14.9b Thursday, $11.2b the previous
Friday. 10-DMA $13.4b; 10-Friday moving avg $10.3b.
* 144a trading added $2.2b of IG volume Friday vs $2.8b on
Thursday, $2b ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading on Friday
Monday, September 28th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Personal Income, Aug., est. 0.4% (prior 0.4%)
* Personal Spending, Aug., est. 0.3% (prior 0.3%)
* Real Personal Spending, Aug., est. 0.4% (prior 0.2%)
* PCE Deflator m/m, Aug., est 0% (prior 0.1%)
* PCE Deflator y/y, Aug., est. 0.3% (prior 0.3%)
* PCE ...
Posted in Uncategorized | Comments Off on What to Watch Today
Monday, September 28th, 2015
I just woke up a little while ago and stumbled on this FT article on the wave of lawsuits alleging that the primary dealer community has rigged the auction process. Does this make any sense to anyone:
"Before the auction takes place, primary dealers can buy and sell securities in a ...
Posted in Uncategorized | 2 Comments »
Monday, September 28th, 2015
Via Marc Chandler at Brown Brothers Harriman:
Divergence Drivers and the Dollar
- The main thrust of our bullish US dollar outlook, the divergence in monetary policy trajectories, remains intact
- The economic picture in Europe this week may strengthen the case for further action by the ECB
- If there is one ...
Posted in Uncategorized | Comments Off on FX
Monday, September 28th, 2015
Earlier this evening I published this WSJ story on spread widening in the corporate bond market. Here is a subsequent WSJ story which focuses on recent turmoil in the junk bond market.
Via the WSJ:
By Matt Wirz and
Liz Hoffman
Sept. 27, 2015 11:29 p.m. ET
Investors are pulling back from the junk-bond market, ...
Posted in Uncategorized | Comments Off on Resistance to Junk
Sunday, September 27th, 2015
I posted this story earlier and just found this one on the catapulting of the cost of protection on Volkswagen in the CDS market.
Via the FT (from Friday):
Click on the above link for the pretty graphs which do not fare well on my bare bones retied guy blog!
A rollercoaster week ...
Posted in Uncategorized | Comments Off on More On Volkswagen Credit
Sunday, September 27th, 2015
Albert Edwards at SocGen is a long time bear on the global economy and regularly predicts disaster for the equity markets. He has earned the moniker, from some, of permabear. Notwithstanding that, I think that he presents a point of view which deserves exposition. He writes well and his story ...
Posted in Uncategorized | Comments Off on Permabear Speaks
Sunday, September 27th, 2015
The WSJ reports on widening credit spreads and the possibility that those spreads are a canary in the coal mine signalling a stalling economy.
I think it is more a reflection of the end of QE and an imminent Fed rate hike. The FOMC is signaling that it is about to ...
Posted in Uncategorized | Comments Off on Spread Widening
Sunday, September 27th, 2015
The ECB has suspended purchase of asset backed securities supported by Volkswagen bonds.
Via the FT:
The European Central Bank has suspended buying bundles of loans backed by Volkswagen assets as it reviews the financial implications of the scandal engulfing Germany’s biggest carmaker.
The plunge in VW shares by almost a third in ...
Posted in Uncategorized | Comments Off on Volkswagen Bonds
Sunday, September 27th, 2015
I will confess that I have not followed the election in the Catalan region of Spain but Bloomberg News reports that parties which favor secession are on the cusp of a majority in an election held today.
Via Bloomberg:
Catalonia’s pro-independence parties are on the cusp of winning a majority of votes ...
Posted in Uncategorized | Comments Off on Catalonian Independece