Archive for June, 2016
Monday, June 6th, 2016
Via TDSecurities:
Treasury will auction a total of $56bn this week, selling $24bn in 3s on Tuesday, $20bn in reopened 10s on Wednesday, and $12bn in reopened 30s on Thursday. With $32bn of holdings maturing at mid-month settlement, net cash raised at the sale will total $24bn. With no SOMA holdings ...
Posted in Uncategorized | Comments Off on Auction Previews
Monday, June 6th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Chair Yellen took a relatively upbeat tone in her speech today. In fact, to reprise an analogy that I used to analyze her last speech in late March, she characterized the growth, employment, and inflation “glasses” as mostly full, albeit with an appropriately sober ...
Posted in Uncategorized | Comments Off on Dissecting Yellen
Monday, June 6th, 2016
Via Bloomberg:
June 6, 2016 — 6:29 AM EDT
The four-year bear market that pushed commodities to the lowest level in a quarter century is coming to end as supply constraints drive a recovery in everything from soybeans to zinc.
The Bloomberg Commodity Index, which tracks returns from 22 raw materials, is on ...
Posted in Uncategorized | Comments Off on Commodity Rebound
Monday, June 6th, 2016
Greg Ip at the WSJ does and excellent job of linking the aforementioned financial trio:
By Greg Ip
Updated June 5, 2016 12:55 p.m. ET
152 COMMENTS
One of the great mysteries of the recovery is why low interest rates have done so little to lift business investment.
After all, that is supposed to be ...
Posted in Uncategorized | Comments Off on Low Rates, Dividend Payments and Capital Investment
Monday, June 6th, 2016
Via Bloomberg:
* (All times New York)
* Economic Data
* 10:00am: Labor Market Conditions Index Change, May, est.
-0.8 (prior -0.9)
* Central Banks
* TBA: Fed’s Rosengren speaks in Helsinki
* 12:30pm: Fed’s Yellen speaks in Philadelphia
* Supply
* 11:00am: U.S. to announce plans for auction of 4W bills
* 11:30am: U.S. to sell $31b 3M bills, ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Monday, June 6th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: ITC, Ukraine Added, List Grows Further
2016-06-06 09:38:18.513 GMT
By Robert Elson
(Bloomberg) -- LATEST UPDATES
* ITC Holdings (ITC) Baa2/BBB+, filed an automatic debt
securities shelf; last issued May 2014
* USAID Ukraine (AID) heard to be in the works with possible
full faith & credit deal
* Bayer (BAYNGR) A3/A-, said to ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, June 6th, 2016
Via Bloomberg:
IG CREDIT: Trading Volume Falls as Issuance Takes a Rest
2016-06-06 09:43:37.189 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $12.1b Friday vs $18.6b Thursday, $5.3b the previous
Friday, a half-day session in front of Memorial Day weekend.
* 10-DMA $14.8b; 10-Friday moving avg $12.4b
* 144a trading added ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Monday, June 6th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
The market responded dramatically to the shockingly poor jobs growth
We are reluctant, with the current information set, to rule out a July hike
Yellen speaks shortly after midday in the US on Monday
The Reserve Bank of Australia ...
Posted in Uncategorized | Comments Off on FX
Sunday, June 5th, 2016
Via Bloomberg:
Alexandra Scaggs
alexandrascaggs
Eliza Ronalds-Hannon
@elizahannon
June 5, 2016 — 7:00 PM EDT
Primary dealers’ share slumps to an unprecedented 30%
Retreat comes amid U.S. investigation of pre-auction trading
When U.S. officials broached the question of more oversight in Treasuries this year, Wall Street pushed back by pointedly reminding them of the “critical role” it plays ...
Posted in Uncategorized | Comments Off on Primary Dealers and Treasury Auctions
Sunday, June 5th, 2016
Via the WSJ:
By Josh Mitchell
Updated June 5, 2016 3:01 p.m. ET
169 COMMENTS
The U.S. government over the last 15 years made a trillion-dollar investment to improve the nation’s workforce, productivity and economy. A big portion of that investment has now turned toxic, with echoes of the housing crisis.
The investment was in ...
Posted in Uncategorized | Comments Off on Student Loans as Economic Depressant