Archive for June, 2016
Wednesday, June 8th, 2016
This Bloomberg story would lead one to suppose that if you know how many corporate bonds you own,then you don't own enough!
Via Bloomberg:
IG CREDIT: New Record High for Client Allocations to Corporates
2016-06-08 16:49:47.369 GMT
By Robert Elson
(Bloomberg) -- Client allocations to corporate bonds rose
to 36.4% in the latest week, according to ...
Posted in Uncategorized | Comments Off on Corporate Bond Allocations at Record High
Wednesday, June 8th, 2016
Via Ian Lyngen at CRT Capital:
*** The auction was strong with a 0.4 bp stop-through and non-dealer bidding at 80.8% vs. 75% norm ***
* 10-year auction stops at 1.702% vs. 1.706% 1-pm bid WI.
* Dealers were awarded 19.2% vs. 25% average of last four 10-year Reopenings.
* Indirects get 73.6% vs. ...
Posted in Uncategorized | Comments Off on Dearth of 10 Year Debt for (Once) Dominant Dealers
Wednesday, June 8th, 2016
Via Ian Lyngen at CRT Capital:
We are cautiously optimistic about this afternoon's 10-year auction and expect non-dealer interest to be significant (average is 75% for this benchmark) and see the risks skewed toward a stop-through The dive in global yields to record lows has refocused the market on interest rate ...
Posted in Uncategorized | Comments Off on Ten Year Note Auction Preview
Wednesday, June 8th, 2016
Via Bloomberg:
U.S. 10-Year Treasury Demand Highest in 50 Years Before Auction
2016-06-08 07:36:35.472 GMT
By Wes Goodman
(Bloomberg) -- Treasury 10-year notes are in the highest
demand in half a century by one measure as investors prepared to
bid at a $20 billion sale of the securities Wednesday.
The so-called term premium dropped to negative 0.47
percentage ...
Posted in Uncategorized | Comments Off on Paying Up for Ten Year Notes
Wednesday, June 8th, 2016
This is an excerpt from a note written by Steve Liddy, a friend and former colleague. It is from a longer piece but the graphs he employs do not translate well on to my very low rent blog. That is my fault and not Steve's.
Via Steve Liddy:
Not overly scientific here…but, ...
Posted in Uncategorized | 2 Comments »
Wednesday, June 8th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Currencies Broadly Stable, but Greenback is Vulnerable
Japan's Q1 GDP was revised to 1.9% (annualized) from 1.7%
China's May trade surplus stood at $49.98 bln
UK reported stronger than expected IP
The South African economy contracted much more than expected in Q1; Fitch affirmed ...
Posted in Uncategorized | Comments Off on FX
Wednesday, June 8th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10ad4a5f,173ec089,173ec08a&p1=136122&p2=0da585090c7aff2ac357e6294dab1d42>
I fear there should be a disclaimer on this morning's note: It's a bit long, quite verbose and largely lacking in interesting ideas. But apart form that....
The S&P 500 made a dash towards its all-time highs yesterday before global risk sentiment hit a speed bump in ...
Posted in Uncategorized | Comments Off on Early FX
Wednesday, June 8th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 5 to Price as List Grows Longer
2016-06-08 10:00:22.858 GMT
By Robert Elson
(Bloomberg) -- Set to price today:
* Asian Development Bank (ASIA) Aaa/AAA, to price at least
$500m 5Y FRN, via managers BAML/C; IPT 3ML +19 area
* FMS Wertmanagement (FMSWER) Aaa/AAA, to price $bench Global
5Y, via BNP/Barc/DB/GS; guidance MS ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Wednesday, June 8th, 2016
Via Bloomberg:
2016-06-08 10:27:18.253 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.9b vs $13.2b Monday, $16.8b the previous Tuesday.
10-DMA $15.3b; 10-Tuesday moving avg $17.6b.
* 144a trading added $4.6b of IG volume, the highest since
$5.3b March 26, 2015, vs $2.4b Monday, $2.6b last Tuesday
* The most active ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Wednesday, June 8th, 2016
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 7:00am: MBA Mortgage Applications, June 3 (prior -4.1%)
* 10:00am: JOLTS Job Openings, April, est. 5.675m (prior
5.757m)
* Central Banks
* 5:00pm: Reserve Bank of New Zealand cash rate target,
est. 2.25% (prior 2.25%)
* 9:10pm: Reserve Bank of New Zealand’s Wheeler testifies
to Parliament Select ...
Posted in Uncategorized | Comments Off on What to Watch Today