Archive for July, 2016
Tuesday, July 12th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 4 to Price, More Wed., More Expected
2016-07-12 09:49:59.466 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* KfW (KFW) Aaa/AAA. to price $bench Global 3Y, via managers
DB/JPM/TD; guidance MS +11 area
* SMBC Aviation Cap Fin (SMBCAC) na/BBB+, to price $bench
144a/Reg-S 5Y, via C/JPM/RBC/SMBC; IPT +200 area
* KT ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Tuesday, July 12th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10ea87f1,179f2f23,179f2f24&p1=136122&p2=3d35ba1320859814ff44a42c6e223901>
Really, market folk should know that those all-important father-son conversations need to happen before it's too late. You know, like "Son, can you explain the business model of an app which asks people to wander the earth in search of imaginary pocket-sized monsters?" ...
Posted in Uncategorized | Comments Off on Early FX
Monday, July 11th, 2016
Via Bloomberg:
For MBS, It’s Different This Time: U.S. Rates/Credit Week Ahead
2016-07-10 11:00:00.1 GMT
By Christopher Maloney
(Bloomberg) -- With mortgage rates ~50bp lower since the
end of 2015 and production coupon (3s, 3.5s) TBA speeds at their
highest since at least the first half of 2015, primary risks to
the MBS market are a pick-up ...
Posted in Uncategorized | Comments Off on Regarding Mortgage Convexity
Monday, July 11th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
Many observers are emphasizing that the weekend election in Japan has given a super-majority to those parties that want to change the constitution
Two major central banks meet in the week ahead: the Bank of Canada and the Bank ...
Posted in Uncategorized | Comments Off on FX
Monday, July 11th, 2016
Via Bloomberg:
IG CREDIT: Above Average Friday Volume; Client Buying Noted
2016-07-11 10:17:40.512 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $13.1b Friday vs $16.9b Thursday, $6.7b the previous
Friday. 10-DMA $14.5b; 10-Friday moving avg $10.3b
* 144a trading added $2.3b of IG volume Friday vs $1.6b on
Thursday, $932m last ...
Posted in Uncategorized | Comments Off on Corporate Bond Stuff
Monday, July 11th, 2016
Via Bloomberg:
Morgan Stanley Bond Bulls Who Called Brexit Rally Turn Neutral
Wes Goodman
richwesgoodman
July 10, 2016 — 10:42 PM EDT
Updated on July 11, 2016 — 2:26 AM EDT
Bank shifts view as U.S., U.K., Germany, Japan yields set lows
Treasuries fall Monday after 30-year yield sinks to record
Morgan Stanley, which advised investors to bet ...
Posted in Uncategorized | Comments Off on Bond Bull Turns Neutral
Monday, July 11th, 2016
Via Bloomberg:
July 11, 2016 — 5:51 AM EDT
BOJ board holds next scheduled meeting on July 28-29
Bernanke visit comes as Abe is preparing fiscal package
Less than three weeks before the Bank of Japan’s next scheduled policy meeting, Governor Haruhiko Kuroda met with former Federal Reserve Chairman Ben S. Bernanke over lunch ...
Posted in Uncategorized | Comments Off on Bernanke and Japan
Monday, July 11th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10e7e14e,179af10a,179af10b&p1=136122&p2=0bf0b629778a8c91d8ca7127a042eccf>
Friday's US Labor Report was a great source of comfort to markets. A 287k increase in jobs was far above expectations, but merely offsets the weakness of the previous month when NFP increased by 11k. The 3, 12 and 60 month averages are now 147k, 204k ...
Posted in Uncategorized | Comments Off on Early FX
Monday, July 11th, 2016
I was away last week in beautiful Charlottesville Virginia. It is a beautiful part of the country nestled into the foot hills of the Blue Ridge Mountains. Thomas Jefferson lived a stone's throw away from the town and among his many achievements he founded the University of Virginia.
My daughter who ...
Posted in Uncategorized | Comments Off on Treasury Market Update
Sunday, July 10th, 2016
David Rosenberg formerly worked for Merrill Lynch but has wiled away his time in Canada the last several years. He has some interesting and bearish comments on Friday morning's data.
This is an excerpt from the Barron's current yield column:
Yet on Friday, the same day Treasury yields hit lows, the major ...
Posted in Uncategorized | Comments Off on Interesting Take on Labor Data