Archive for November, 2015
Monday, November 9th, 2015
Via CRT Capital (an excerpt from their end of day note):
We're focused on the Refunding auctions this week and the first leg of the process was absorbed without difficulty on Monday. The auction stopped-through 0.4 bp, marking the fourteenth consecutive auction to stop through or on-the-screws - so not much ...
Posted in Uncategorized | Comments Off on Supply Musings
Monday, November 9th, 2015
My friend Steve Liddy forwarded this Bloomberg story with some comments of his own:
I'm sure the author here is both more informed, and smarter than I. However, I can't wrap my mind around the idea that weaker Sovereign credit spreads, especially here, are a big driver. I mean, if the ...
Posted in Uncategorized | Comments Off on Swap Spreads
Monday, November 9th, 2015
Via Stephen Stanley at Amherst Pierpont Securiites:
The Federal Reserve Board’s Labor Market Conditions Index (LMCI) increased in October to +1.6 (anything above zero indicates that the labor market is absorbing slack). Every month but one going back to March was revised higher, adding up to over 3 more points of ...
Posted in Uncategorized | 1 Comment »
Monday, November 9th, 2015
Via Bloomberg:
IG CREDIT: List of New Issues Expected to Price in U.S. Today
2015-11-09 15:06:07.479 GMT
By Greg Chang
(Bloomberg) -- List of new issues expected to price today:
* Chevron Corp $benchmark Aa1/AA
* 2Y fxd and/or FRN, 3Y fxd and/or FRN, 5Y fxd and/or FRN,
10Y
* IPT 2Y fxd +55-60, 2Y FRN 3mL equiv, ...
Posted in Uncategorized | Comments Off on Today’s New Issue Calendar
Monday, November 9th, 2015
Via Reuters:
A consensus is forming at the European Central Bank to take the interest rate it charges banks to park money deeper into negative territory in December, four governing council members said, a move that could weaken the euro and push up inflation.
Some argue that a deposit rate cut should ...
Posted in Uncategorized | Comments Off on Reuters Reports ECB to Take rates Deeper into Negative Territory
Monday, November 9th, 2015
This one is hot off the press via Bloomberg:
*CATERPILLAR FINANCIAL SVCS 3Y IPT +75 A, 5Y +95 A
2015-11-09 13:33:19.156 GMT
Information from person familiar with the matter, who is not authorized to speak publicly and asked not to be identified.
--JAMES HOLLOWAY
-0- Nov/09/2015 13:33 GMT
Posted in Uncategorized | Comments Off on More Corporates
Monday, November 9th, 2015
It looks as though this will be another active week of corporate issuance. Wells Fargo has already announced a 30 year sub deal. Chevron will sell 2s 3s 5s and 10s. AON will sell a long 5 year note.
Attached is the morning credit note from Bob Elson at Bloomberg:
CREDIT MORNING ...
Posted in Uncategorized | Comments Off on Morning Credit Call
Monday, November 9th, 2015
I have previously written about various lawsuits and governmental investigations involving primary dealer trading of when issued (WI) securities. Here is a new Bloomberg story on the topic which frankly does not break much new ground.
Via Bloomberg:
November 9, 2015 — 5:00 AM EST
U.S. officials investigating the $12.8 trillion market for ...
Posted in Uncategorized | Comments Off on Primary Dealer Investigation
Monday, November 9th, 2015
Via Bloomberg:
Economic Data
* 10:00am: Labor Mkt Conditions Index Change, Oct. (prior
0)
* MBA Mortgage Foreclosures, 3Q (prior 2.09%)
* Mortgage Delinquencies, 3Q (prior 5.3%)
* Central Banks
* 12:00pm: Fed’s Rosengren speaks in Portsmouth, R.I.
* Supply
* 11:00am: U.S. to announce plans for auction of 4W bills
* 11:30am: U.S. to sell $30b 3M bills, $28b ...
Posted in Uncategorized | Comments Off on What to Watch Today
Monday, November 9th, 2015
Via Bloomberg:
IG CREDIT: HAL Issues Led Volume; ANZ Deal Starts Issuance Week
2015-11-09 10:45:47.545 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $12.1b Friday vs $13.7b Thursday, $14.4b the previous
Friday. 10-DMA $15.4b; 10-Friday moving avg $12.4b.
* 144a trading added $2.3b of IG volume Friday vs $2.9b on
Thursday, ...
Posted in Uncategorized | Comments Off on Corporate Bond Trading