Archive for June, 2016
Tuesday, June 14th, 2016
Synchrony Financial (formerly GE Capital) announced today that it was seeing more delinquencies from credit card holders and was increasing charge offs to recognize that situation. The stock got whacked and credit card companies declined in sympathy.
I wonder if this is a one off for a first small hint of ...
Posted in Uncategorized | 1 Comment »
Tuesday, June 14th, 2016
The Atlanta Fed has increased its estimate of Q2 GDP to 2.8 percent from 2.5 percent.
Via the Atlanta FED:
Latest forecast: 2.8 percent — June 14, 2016
The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2016 is 2.8 percent on June 14, up ...
Posted in Uncategorized | Comments Off on GDP Now
Tuesday, June 14th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
The Bloomberg article below highlights some of the issues surrounding the implications of Brexit, although some of the quotes seem quite overstated. However, I think it is most important, in my view, that the Brexit vote is more about rejection of the status quo ...
Posted in Uncategorized | 1 Comment »
Tuesday, June 14th, 2016
Via Millan Mulraine at TDSecurities:
· Retail sales activity rose a further 0.5% m/m in May, bettering the market consensus for a more modest 0.3% m/m advance.
· Core spending activity was also impressive, advancing a further 0.4% m/m, following the impressive 1.0% m/m gain the month before.
· The overall tone of ...
Posted in Uncategorized | Comments Off on Retail Sales Analysis
Tuesday, June 14th, 2016
Via Bloomberg:
IG CREDIT: MSFT, AET Long Bonds Most Active; Spreads Wider Again
2016-06-14 10:00:48.592 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $10.5b vs $10.7b Friday, $13.2b the previous Monday.
10-DMA $15b; 10-Monday moving avg $13.2b.
* 144a trading added $2b of IG volume vs $1.7b Friday, $2.4b
last Monday
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Tuesday, June 14th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Capital Markets Remain at UK Referendum's Mercy
A spate of opinion polls showing a tilt toward Brexit is keeping the global capital markets on edge
The leading UK newspaper is urging the Leave vote on the front page
US reports May retail sales ...
Posted in Uncategorized | Comments Off on FX
Tuesday, June 14th, 2016
Via Bloomberg:
Maneuver helps tech giant avoid 35% tax to repatriate cash
Interest-payment deductions could lower future tax bills
Microsoft Corp. has enough cash to buy LinkedIn Corp. four times over. So why is it taking out a big loan to pay for its latest purchase?
Maybe because it’ll lower the technology ...
Posted in Uncategorized | Comments Off on MSFT, Corporate Debt and The Tax Code
Tuesday, June 14th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 2 Set to Price as List Keeps Growing
2016-06-14 09:38:39.427 GMT
By Robert Elson
(Bloomberg) -- Set to price today:
* Abu Dhabi National Energy (TAQAUH) A3/A-, to price 2-part
144a/Reg-S deal, via BNP/C/FGB/HSBC/NBAD/SG
* 5Y, IPT MS +287.5 area
* 10Y, IPT MS +337.5 area
* Province of Manitoba (MP) Aa2/AA, to price ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Tuesday, June 14th, 2016
Via Bloomberg :
Ready to Rock Out at Zeppelin ‘Stairway’ Trial? Try Sheet Music
Edvard Pettersson
edpettersson
June 14, 2016 — 5:00 AM EDT
Anyone with Internet access can listen for themselves to whether Led Zeppelin’s opening “Stairway to Heaven” riff rips off a song recorded three years earlier.
But the jury deciding the fate of ...
Posted in Uncategorized | Comments Off on Aging Baby Boomer Alert
Tuesday, June 14th, 2016
Via WSJ:
By
Mike Bird
June 14, 2016 3:31 a.m. ET
0 COMMENTS
Yields on the 10-year government debt of Germany dipped below zero on Tuesday for the first time on record, in a dramatic sign of the outsize effect of central-bank policy and investors’ search for safe havens.
The yield on ...
Posted in Uncategorized | Comments Off on Negativity Pulls Ten Year Bund Through