Archive for April, 2016
Friday, April 22nd, 2016
Via Bloomberg:
IG CREDIT: Volume Remains High as Spreads Continue to Tighten
2016-04-22 09:53:01.106 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.9b, 9th highest Thursday volume on record back to
2005, vs $20.1b Wednesday, $17.5b the previous Thursday. 10-DMA
$16.7b; 10-Thursday moving avg $18.3b.
* 144a trading added $3b of ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Friday, April 22nd, 2016
Via WSJ:
By DONNA BORAK, ANDREW ACKERMAN in Washington and CHRISTINA REXRODE in New York
Updated April 21, 2016 7:29 p.m. ET
588 COMMENTS
Tens of thousands of Wall Street bankers face tighter restrictions on how they are paid under new rules proposed by U.S. regulators in response to the financial crisis of nearly ...
Posted in Uncategorized | Comments Off on Barren Bonus Pools Berated and Beaten
Thursday, April 21st, 2016
Via the FT:
The debt doghouse is filling up fast.
In the first three months of this year, some 51 companies were downgraded to junk by Moody’s. That’s more so-called “fallen angels” than over the whole of 2015, writes Joel Lewin.
The volume of debt sitting in the “potential angel category”- meaning it ...
Posted in Uncategorized | Comments Off on Junk
Wednesday, April 13th, 2016
Via Bloomberg:
April 13, 2016 — 9:48 PM EDT
The People’s Bank of China weakened the daily reference rate by the most in three months after the dollar strengthened.
The central bank set the daily fixing at 6.4891 to the U.S. currency on Thursday, 0.46 percent above the previous day’s reference rate. The ...
Posted in Uncategorized | Comments Off on Weaker Yuan
Wednesday, April 13th, 2016
Via Ian Lyngen at CRT Capital:
*** The auction was strong with a 1.8 bp stop-through and non-dealer bidding at 75.2% vs. 74% norm ***
* 10-year auction stops at 1.765% vs. 1.783% 1-pm bid WI.
* Dealers were awarded 24.8% vs. 26% average of last four 10-year Reopenings.
* Indirects get 60.0% vs. ...
Posted in Uncategorized | Comments Off on Ten Year Result
Wednesday, April 13th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Over the next week the March data on Aggregate Financing Activity will be released, and while the Bberg consensus expects a surge to CNY1,400bn after the February holiday period, the rebound in March FX reserves suggests that domestic bank lending to replace foreign ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Wednesday, April 13th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
The March PPI figures were softer than expected, as both the total index and the core component declined by 0.1%. The food component was much more negative than I had anticipated (down 0.9%), with the surprise mainly driven by large drops in fresh fruit ...
Posted in Uncategorized | 1 Comment »
Wednesday, April 13th, 2016
Via TDSecurities:
TD SECURITIES DATAFLASH
US: Retail Sales Round out Q1 on a Soft Footing
Retail Sales fell by 0.3% in March, which was weaker than the market had expected. Core metrics were better on an absolute basis, but also generally disappointed market expectations. Autos were the main pocket of weakness in March ...
Posted in Uncategorized | 1 Comment »
Wednesday, April 13th, 2016
Via Ian Lyngen at CRT Capital
We are optimistic about this afternoon’s 10-year auction and expect non-dealer interest to be significant (average is 74% for this benchmark) and see the risks skewed toward a stop-through. This week’s recent back-up in yields has priced-in a solid concession for supply and the WI ...
Posted in Uncategorized | Comments Off on 10 Year Note Auction
Wednesday, April 13th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, April 8 (prior 2.7%)
* 8:30am: Retail Sales Advance m/m, March, est. 0.1%
(prior -0.1%)
* Retail Sales Ex Auto m/m, March, est. 0.4% (prior
-0.1%)
* Retail Sales Ex Auto and Gas, March, est. 0.3%
(prior 0.3%)
* Retail Sales Control Group, ...
Posted in Uncategorized | Comments Off on What to Watch Today