Archive for November, 2015

Secondary Market Corp Bond Trading Yesterday

Thursday, November 12th, 2015

Via Bloomberg: IG CREDIT: Volume Better, Spreads Steady; KHFC Set to Price 2015-11-12 11:05:16.981 GMT By Robert Elson (Bloomberg) -- Secondary IG trading ended with a Trace count of $16.8b Tuesday vs $13b Monday, $16.2b the previous Tuesday. 10-Tuesday moving avg $15.4b. * 144a trading added $2.5b of IG volume vs $1.9b Monday, $2.8b last Tuesday * The most ...

Corporate Bond Tsunami to Continue

Thursday, November 12th, 2015

Via FT: 15 minutes ago by: Eric Platt These are boom times for US debt capital markets and the bankers that are ushering in a wave of corporate debt ahead of an expected policy tightening by the Federal Reserve next month. A mammoth $75bn loan package announced by Anheuser-Busch InBev on Wednesday — a ...

Overnight

Thursday, November 12th, 2015

Dealers report trading account sellers of the 10 year sector and real money in Japan buying Long Bonds and off the run bonds. The 10 year is extremely expensive on the butterfly versus 5s and 30s. I clocked it earlier at -18.5. I am a broken record but I do not ...

Central Bank Logorrhea Today

Thursday, November 12th, 2015

Via an excerpt from the WSJ Breakfast Briefing: ECB chief Mario Draghi said Thursday that the ECB would re-examine its policy at its next meeting, underscoring earlier comments that markets read as a signal that the central bank was considering expanding its broad-based asset purchase program. Later, Fed Chairwoman Janet Yellen will give ...

Greek Unions Protesting Austerity

Thursday, November 12th, 2015

Via the WSJ: By Stelios Bouras Nov. 12, 2015 3:43 a.m. ET ATHENS—Greece’s main labor unions began a 24-hour general strike on Thursday, in protest against austerity measures imposed under Greece’s international bailout. The strike, which is set to disrupt hospital, public transport, air traffic, tax offices and other activities, is the first ...

Eurozone IP

Thursday, November 12th, 2015

Via the FT: The monthly decline in September, as reported by Eurostat was larger than the 0.1 per cent drop pencilled in by economists. It also builds on the (slightly) upwardly revised 0.4 per cent decline registered for August. The decline in the broader European Union was a more modest 0.1 per ...

China Credit Growth Less than Festive

Thursday, November 12th, 2015

Via Bloomberg: Data rounds out week of mixed readings from trade to output Aggregate financing was lower than all 25 economist forecasts China’s broadest measure of new credit slumped to the lowest in 15 months in October, adding to evidence six central bank interest-rate cuts in a year have yet to spur a ...

Early FX

Thursday, November 12th, 2015

Via Kit Juckes at SocGen: <http://www.sgmarkets.com/r/?id=hf1bf4a9,14ca259c,14ca259d&p1=136122&p2=fb6e8fd3d1661737423a541ebec5c195> The Australian dollar has gained over 1% overnight. The next biggest mover is the Korean won, which has fallen by 0.3%, so there's no real competition for the main FX news of the morning. The culprit was a very strong October Australian labour market report, employment ...

Freight Index Slips

Wednesday, November 11th, 2015

Via the WSJ: By Robbie Whelan Nov. 11, 2015 3:18 p.m. ET An index measuring freight shipments dipped in October , a potential sign that the U.S. economy is continuing to struggle after expanding at a slower rate in the third quarter. The Cass Freight Index dropped by 5.3% from September to October, ...

Muddled Metals Mired in Morass

Wednesday, November 11th, 2015

Via the FT: by: By Henry Sanderson Back in the summer, Glencore’s combative chief executive Ivan Glasenberg led a chorus of mining executives in blaming speculative funds for driving down the price of metals, despite what they claimed was strong demand. Four months later there is still no end in sight for the ...