Archive for May, 2016
Thursday, May 5th, 2016
Via the FT:
Fitch cuts Brazil deeper into junk territory
by: Mamta Badkar
Ratings agency Fitch has cut Brazil’s sovereign debt rating deeper into junk territory on Thursday.
The agency downgraded ratings on Brazil’s senior unsecured foreign- and local-currency bonds to ‘BB’ from ‘BB+’ and maintained a negative outlook.
The agency said:
The downgrade of Brazil’s ...
Posted in Uncategorized | Comments Off on Worse Junk Than Previously
Thursday, May 5th, 2016
Via Bloomberg:
Biggest Junk-Bond ETF Jolted by Massive Redemptions Amid Rally
2016-05-05 15:20:19.984 GMT
By Sridhar Natarajan
(Bloomberg) -- The largest exchange-traded fund that buys
junk bonds may be flashing a warning that a three-month rally in
the debt may be coming to an end.
BlackRock Inc.’s iShares iBoxx High Yield Corporate Bond
ETF has seen 27.8 million ...
Posted in Uncategorized | Comments Off on Junk Bond Redemptions
Thursday, May 5th, 2016
Via the FT:
yesterday
by: Robin Wigglesworth, US markets editor
Almost $10tn of negative yielding government bonds are costing investors about $24bn annually, according to calculations by Fitch, posing challenges to long-term investors that rely on sovereign debt as a bedrock of their portfolios.
The rating agency warned that the previously unthinkable scenario of ...
Posted in Uncategorized | Comments Off on Interesting Musings on Negative Rates
Thursday, May 5th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:30am: Challenger Job Cuts y/y, April, no est. (prior
31.7%)
* 8:30am: Initial Jobless Claims, April 30, est. 260k
(prior 257k)
* Continuing Claims, April 23, est. 2128k (prior
2130k)
* 9:45am: Bloomberg Consumer Comfort, May 1 (prior 43.4)
* Central Banks
* 11:50am: Fed’s Bullard Speaks at ...
Posted in Uncategorized | Comments Off on What to Watch Today
Thursday, May 5th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: TOKYO May Follow May Issuance Pattern
2016-05-05 09:28:16.69 GMT
By Robert Elson
(Bloomberg) -- THIS WEEK’S UPDATES
* Tokyo Metropolitan Govt (TOKYO) -- na/A+ has 4 year history
of May issuance; investor meetings held last month.
MANDATES/MEETINGS
* State Grid (CHGRID) Aa3/AA-; roadshow May 4-9
* Mubadala Development (MUBAUH) Aa2/AA; roadshow May 3-6
* Banco ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, May 5th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Performance Turns More Nuanced
The US dollar is firm, near the best levels of the week against the euro, yen, and sterling
In addition to the weekly initial jobless claims, the North American session features speeches by four regional Fed Presidents
Politics ...
Posted in Uncategorized | Comments Off on More FX
Thursday, May 5th, 2016
Via Bloomberg:
Billionaire says gold is his largest currency allocation
Druckenmiller averaged annual returns of 30% for three decades
Stan Druckenmiller, the billionaire investor with one of the best long-term track records in money management, said the bull market in stocks has "exhausted itself" and that gold is his largest currency ...
Posted in Uncategorized | Comments Off on Druckenmiller Says “Au”
Thursday, May 5th, 2016
Via Bloomberg:
Services activity gauge falls to lowest level in over 3 years
Combined surveys suggest economy barely grew in April
U.K. companies are feeling the strain from the upcoming European Union referendum, with a gauge of services falling to its lowest level in more than three years in April.
Markit Economics ...
Posted in Uncategorized | Comments Off on UK Service Sector at Lowest Level in Three Years
Thursday, May 5th, 2016
Via the FT:
an hour ago
by: Mehreen Khan
Inflation will not be returning towards target in the eurozone any time soon.
That’s the verdict of the European Central Bank, which has issued a distinctly gloomy outlook on price pressures in the currency bloc, in its latest economic bulletin, writes Mehreen Khan.
With the ...
Posted in Uncategorized | Comments Off on No Sign of Inflation Says ECB
Thursday, May 5th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h1070f473,16dee26d,16dee26e&p1=136122&p2=3edfb087e216465086ec705e7bfea2a9>
I know we had a Bank Holioyda on Mondya but the weather is so good today (and the calendar so quiet) that I'm a bit envious of the French. But either way, Spring is here - which happens at this time of year. Another thing that ...
Posted in Uncategorized | Comments Off on Early FX