Archive for February, 2016
Wednesday, February 17th, 2016
Via Bob Elson at Bloomberg:
* Bloomberg US IG Corporate Bond Index OAS at 218.7 vs 220.2;
220.8, a new wide since Jan. 2012 was seen Feb, 11; 129.6
was 2015 low
* 2014 high/low 144.7/102.3
* BofAML IG Master Index at +219 vs +220; +221, the new wide
for 2015/16 and widest level since June ...
Posted in Uncategorized | Comments Off on Credit Spread Recap
Wednesday, February 17th, 2016
Neil Kashkari is the newly appointed President of the Federal Reserve bank of Minneapolis and in his first public comments in that post he read from the same hymnal as Bernie Sanders and advocated for breaking up the big banks. I support that viewpoint.
Suppose in the early 1980s someone had ...
Posted in Uncategorized | Comments Off on Break Up the Banks
Wednesday, February 17th, 2016
Iran and Iraq and Venezuela will meet today to discuss participating in the Saudi/Russian move to limit oil production.
Via the WSJ:
By Summer Said
Updated Feb. 17, 2016 4:22 a.m. ET
A day after Saudi Arabia, Russia and other oil producers agreed to limit their production, the pressure was turned up on Iran ...
Posted in Uncategorized | Comments Off on More on Limiting Oil Production
Wednesday, February 17th, 2016
Hedge fund Fortress Investment observes stresses in the system which signal that another credit crisis is imminent.
Via Bloomberg:
Plunging oil and commoditiy prices offer warning signs
Credit default swaps widening for commodity companies
The Fortress Investment Group LLC fund that has predicted an Asia credit meltdown to rival 1997 says it is seeing ...
Posted in Uncategorized | Comments Off on Credit Angst
Wednesday, February 17th, 2016
Via Kit Juckes at SocGen:
Oil prices are down, the yen is up, the bounce in sentiment is in danger of fading into memory. I thought it might last A LITTLE longer than that, but my inbox certainly picked up clients' scepticism. The Russian/Saudi agreement to freeze oil output (if other ...
Posted in Uncategorized | Comments Off on Early FX
Tuesday, February 16th, 2016
IBM is doing a multi tranche deal too with 3s 5s 10s and 30s. There is also an 18 month floater attached to that one. I have no price talk.
Bank of New York Mellon is doing a 5 year fixed and/or a 5 year floater.
Posted in Uncategorized | Comments Off on More Corporate Issuance
Tuesday, February 16th, 2016
Via CRT Capital:
* FEBRUARY EMPIRE STATE FACTORY INDEX AT -16.6 AFTER -19.4
* FEBRUARY EMPIRE FACTORY INDEX WEAKER THAN FORECAST OF -10
* EMPLOYMENT INDEX -0.99 FEB VS -13.00 JAN
* FEBRUARY EMPIRE FACTORY SHIPMENTS INDEX AT -11.6 VS -14.4
* FEBRUARY EMPIRE FACTORY NEW ORDERS INDEX AT -11.6 VS -23.5
Posted in Uncategorized | Comments Off on Empire Survey
Tuesday, February 16th, 2016
There is some corporate bond issuance today and Apple has opened the day with a multi tranche deal across the curve. Here is the initial price talk on that deal.
For the uninitiated 5Y +115A means a new 5 year note which on which the initial price talk is in the ...
Posted in Uncategorized | Comments Off on Apple Price Talk
Tuesday, February 16th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Empire Manufacturing, Feb., est. -10.5 (prior
-19.37)
* 10:00am: NAHB Housing Market Index, Feb., est. 60 (prior
60)
* 4:00pm: Total Net TIC Flows, Dec. (prior -$3.2b)
* Net Long-term TIC Flows, Dec. (prior $31.4b)
* TBA: Mortgage Delinquencies, 4Q (prior 4.99%)
* MBA Mortgage Foreclosures, ...
Posted in Uncategorized | Comments Off on What to Watch Today
Tuesday, February 16th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Softer as Markets Heal
- Global financial markets continue to heal
- Oil prices were helped by reports that the Saudi and Russian oil ministers are holding a meeting in Doha to discuss global oil markets.
- UK January CPI came in at 0.3% y/y, as ...
Posted in Uncategorized | Comments Off on FX