Archive for June, 2016
Thursday, June 16th, 2016
Via Bloomberg:
IG CREDIT: Lowest Volume Wednesday Session Since December
2016-06-16 09:37:57.974 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $15.5b vs $13.9b Tuesday, $18.3b the previous
Wednesday. Secondary IG trading lowest of any Wednesday since
$3.4b on Dec. 30, 2015.
* 10-DMA $14.6b; 10-Wednesday moving avg $17.8b
* 144a trading added ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Thursday, June 16th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: OZRK Sub 10Y May Price Today
2016-06-16 09:25:23.73 GMT
By Robert Elson
(Bloomberg) --
LATEST UPDATES
* Bank of the Ozarks (OZRK), expected to price $125m
subordinated 10Y hybrid, via Sandler O’Neill
* KT Corp (KOREAT) Baa1/A-, schedules investor meetings June
16-24, via BNP/BAML/C/Nom, for possible USD 144a/Reg-S
* ITC Holdings (ITC) Baa2/BBB+, held investor ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, June 16th, 2016
The dramatic reversal in spreads on peripheral European bonds continues unabated. I just clocked 10 year Spain trading 4 basis points cheap to US (1.60 Spain vs 1.56 US). Yesterday morning that spread was - 10 (Spain rich to US) and last Thursday morning Spain was 29 rich to US ...
Posted in Uncategorized | Comments Off on Peripheral Spreads
Wednesday, June 15th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
The May headline PPI rose by 0.4% while the core component advanced by 0.3%, in both cases firmer than expected. The bulk of the surprise came within the core and reflected, among other things, a 1.4% jump in wholesalers’ margins, which, as I have ...
Posted in Uncategorized | Comments Off on PPI and CPI
Wednesday, June 15th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Industrial production slid by 0.4% in May, a couple ticks worse than expected. Factory output also declined by 0.4%, mainly due to a fall in motor vehicle output. The employment figures had pointed to a small increase in factory production excluding autos, but the ...
Posted in Uncategorized | 1 Comment »
Wednesday, June 15th, 2016
Via Bloomberg:
IG CREDIT: Client Allocations to Corporates Stay at Record High
2016-06-15 16:57:04.393 GMT
By Robert Elson
(Bloomberg) -- Client allocations to corporate bonds held
steady at record 36.4% in the latest SMR Money Manager Survey.
* “Corporate allocations have averaged 35.9% so far this
year, ranging from 35.5% to 36.4%”
* “Over the past five years, ...
Posted in Uncategorized | Comments Off on Client Allocation to Corporates at Record Levels (Still)
Wednesday, June 15th, 2016
Via Bloomberg:
IG CREDIT: Long Bonds Among Most Active Issues; Spreads Wider
2016-06-15 09:45:22.962 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $13.9b vs $10.5b Monday, $16.9b the previous Tuesday.
10-DMA $14.7b; 10-Tuesday moving avg $17b.
* 144a trading added $3.0b of IG volume vs $2.0b on Monday,
$4.6b last Tuesday
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Wednesday, June 15th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, June 10 (prior 9.3%)
* 8:30am: PPI Final Demand m/m, May, est. 0.3% (prior
0.2%)
* PPI Ex Food and Energy m/m, May, est. 0.1% (prior
0.1%)
* PPI Ex Food, Energy, Trade m/m, May, est. 0.1%
(prior 0.3%)
* PPI Final Demand ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Wednesday, June 15th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Four Developments Ahead of the FOMC Meeting
The FOMC meeting, with updated economic projections and a press conference, is the key event of the day
First, MSCI has chosen not to include China's A shares in its emerging market indices
Second, there are no ...
Posted in Uncategorized | Comments Off on FX
Tuesday, June 14th, 2016
Via the Washington Post:
Larry Summers: The Fed Is Making the Same Mistakes Over And Over Again
2016-06-14 19:31:53.923 GMT
By Lawrence H. Summers
June 14 (Washington Post) -- As the Federal Reserve meets
today and tomorrow, I am increasingly convinced that while they
have been making reasonable tactical judgement, their current
strategy is ill adapted to ...
Posted in Uncategorized | Comments Off on Larry Summers on the Fed