Archive for June, 2016
Sunday, June 5th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10a7bc90,1735e441,1735e442&p1=136122&p2=49309450538ec6fc57981a440fcbfbef>
Payrolls -just another brick in the wall
If you're looking for an excuse to explain the softness of the US May employment data, your best bet is ‘it was just one month'. The entrails of the data point to broad-based softness. Employment slowed to 1.7% y/y. At ...
Posted in Uncategorized | Comments Off on Early FX
Saturday, June 4th, 2016
Via Bloomberg:
Jump in Treasury yields may hurt bondholders more than crisis
‘Significant distress’ seen with central bank tightening
Lurking in the bond market is a $1 trillion reason for the Federal Reserve to go slow on interest-rate increases.
That’s how much bondholders stand to lose if Treasury yields rise unexpectedly by ...
Posted in Uncategorized | Comments Off on Learning About Duration
Saturday, June 4th, 2016
Via Bloomberg:
The Federal Reserve should raise interest rates gradually despite weak jobs data, Fed Cleveland Bank President Loretta Mester said.
U.S. economic growth is picking up, inflation is moving toward target and the country is at full employment, Mester told reporters in Stockholm on Saturday.
“I still believe that in order to ...
Posted in Uncategorized | 2 Comments »
Friday, June 3rd, 2016
Via Millan Mulraine at TDSecurities:
US: Weak Jobs Report Takes June Hike out the Picture
· The pace of US jobs growth declined to a very sub-par 38K pace in May, falling well short of the market consensus for a more robust 160K rise.
· Besides the disappointing headline print, the negative net revision ...
Posted in Uncategorized | Comments Off on Labor Data Analysis
Friday, June 3rd, 2016
Via Bloomberg:
IG CREDIT: Higher Secondary Trading Volume as Spreads Steady
2016-06-03 09:51:30.561 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.6b vs $17.2b Wednesday, $17.2b the previous
Thursday. 10-DMA $15.4b; 10-Thursday moving avg $17.9b.
* 144a trading added $3.7b of IG volume vs $3.1b Wednesday,
$3b last Thursday
* The most ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Friday, June 3rd, 2016
Via Bloomberg:
IG CREDIT PIPELINE: Bayer Update; List Continues to Grow
2016-06-03 09:30:24.913 GMT
By Robert Elson
(Bloomberg) -- LATEST UPDATES
* Bayer (BAYNGR) A3/A-, said to secure $63b financing, via
BAML/CS/GS/HSBC/JPM, for Monsanto (MON) A3/BBB+ bid; co.
likely will issue $20-$30b bonds to refinance part of the
bridge loan
* Omega Healthcare Investors (OHI) Baa3/BBB-, to hold investor
meeting, ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Friday, June 3rd, 2016
Via Marc Chandler at Brown Brothers Harriman:
Currency Market Becalmed Ahead of US Jobs Data
The US employment data is the main focus ahead of the weekend
The Asian session featured three economic reports
In Europe, the services and composite PMI was the main attraction
The UK reported better than expected ...
Posted in Uncategorized | Comments Off on FX
Friday, June 3rd, 2016
Via Bloomberg:
IG CREDIT: Corporate Dealer Positions Fall, Led by 5Y-10Y Area
2016-06-03 10:21:09.537 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in corporate bonds fell
$2.6b to $15.9b as of May 25, according to Fed NY release.
* $6.5b low Oct. 2015; high $45.9b March 2014.
* Investment grade positions:
* Very short issues rose $595m to ...
Posted in Uncategorized | Comments Off on Dealer Positions in Corporate Bonds
Friday, June 3rd, 2016
Via Bloomberg:
AGENCIES: Dealer Positions in GSE Coupons Fell $1.6b
2016-06-03 10:26:24.702 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in agency coupons fell
$1.6b to $13.1b, as of May 25, according to Fed data.
* $9.1b seen 12/30/2015 was a new low for the series that
began in April 2013
* $46.5b 4/17/2013 was the high
* Discount ...
Posted in Uncategorized | Comments Off on Dealer Positions
Friday, June 3rd, 2016
Via Bloomberg:
Chicago Fed chief also sees case for two 2016 rate increases
More than two could cause financial-market turmoil, he says
The Federal Reserve should consider holding off on additional interest-rate increases until inflation rises to the U.S. central bank’s target, said Federal Reserve Bank of Chicago President Charles Evans.
“In ...
Posted in Uncategorized | Comments Off on DoveSpeak