Archive for June, 2016
Tuesday, June 21st, 2016
Jesse Unruh was a powerful politician in California in the 1960s. He was an early supporter of Robert Kennedy in 1968 and held the post of Speaker of the Assembly. He was a very quotable fellow and famously said that money is the mothers milk of politics. (He also opined ...
Posted in Uncategorized | Comments Off on Mother’s Milk of Politics
Tuesday, June 21st, 2016
Via Bloomberg:
IG CREDIT PIPELINE: KORGAS Added, List Grows Longer Still
2016-06-21 09:32:12.831 GMT
By Robert Elson
(Bloomberg) --
LATEST UPDATES
* Korea Gas (KORGAS) Aa2/A+, has mandated C/CS/HSBC/JPM/SG/UBS
to arrange investor meetings June 27-30; 144a/Reg-S
transaction may follow
* Molson Coors Brewing (TAP) Baa2/BBB-, asked BofAML/C/UBS to
arrange investor calls June 21-22 in preparation for USD,
Euro and/or Canadian dollar ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Tuesday, June 21st, 2016
Via Bloomberg:
IG CREDIT: Trading Volume Higher as Spreads Move Tighter
2016-06-21 09:36:58.669 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $11.7b vs $9.7b Friday, $10.5b the previous Monday. 10-
DMA $13.8b; 10-Monday moving avg $12.9b.
* 144a trading added $1.7b of IG volume vs $1.4b Friday, $2b
last Monday
* The ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Tuesday, June 21st, 2016
Via Bloomberg:
Gamblers pour money on U.K. to stay in the European Union
One gambler places 315,000-pound bet on Brexit rejection
Bookies and gamblers are strengthening in their conviction that the U.K. will opt to remain in the European Union, as polls show a swing away from a so-called Brexit.
Ladbrokes Plc ...
Posted in Uncategorized | Comments Off on Bookies Say Brexit Vote Will Fail
Tuesday, June 21st, 2016
Via WSJ:
By Tom Fairless and
Todd Buell
June 21, 2016 4:40 a.m. ET
0 COMMENTS
FRANKFURT—Germany’s top court ruled Tuesday that an unlimited bond-buying program created by the European Central Bank at the height of Europe’s debt crisis complies with German law, ending a yearslong legal challenge to a program credited with easing fears ...
Posted in Uncategorized | Comments Off on German Court Ruling on ECB Bond Buying program
Tuesday, June 21st, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10c422e6,1762aa21,1762aa22&p1=136122&p2=4c98951816bacf84d48f4c771637c015>
There was a strawberry moon last night to greet the start of the gradual shortening of Northern Hemisphere days. I spent much of the evening in a referendum Q&A in a park, confirming that most people will vote on an emotional reaction to immigration or on ...
Posted in Uncategorized | Comments Off on Early FX
Monday, June 20th, 2016
Via Bloomberg:
Pound may fall more than 20%, Soros writes in Guardian
Bank of England would have no room to lower interest rates
Billionaire investor George Soros said the pound may slump more than 20 percent against the dollar if British voters decided to leave the European Union, a devaluation bigger ...
Posted in Uncategorized | Comments Off on Soros on Brexit and Sterling
Monday, June 20th, 2016
Via WSJ:
As Low-Skilled Jobs Disappear, Men Drop Out of the Workforce
White House study looks at the causes of falling participation rates among men
ENLARGE
U.S. manufacturing employment is about 37% below its 1979 peak. The loss of factory jobs may be one reason men have been dropping out of the labor force. ...
Posted in Uncategorized | Comments Off on On the Slumping Male Participation Rate
Monday, June 20th, 2016
Via Gennadiy Goldberg at TDSecurities:
US Rates Strategy – Treasury Auction Preview
PDF: https://www.tdsresearch.com/currency-rates/viewEmailFile.action?eKey=I7TOL9E71WKNFWEODS171LPWB
Treasury will auction $88bn of nominal coupons this week, selling $26bn in 2s today, $34bn in 5s on Tuesday, and $28bn in 7s on Wednesday. With $80.3bn of holdings maturing at month-end, net cash raised at the ...
Posted in Uncategorized | Comments Off on More on This Week’s Supply
Monday, June 20th, 2016
Via Ian Lyngen at CRT Capital:
The 2-year sector is trading lower this morning and pricing in a reasonable outright concession, although it is outperforming on the curve. The improving odds that the UK votes to remain in the EU on Thursday has triggered a risk-on move that has been to ...
Posted in Uncategorized | Comments Off on Two Year Note Auction