Archive for July, 2016
Sunday, July 10th, 2016
Back from Thomas Jefferson country
Via the WSJ:
By Timothy W. Martin, Vipal Monga and Heather Gillers
July 10, 2016 7:47 p.m. ET
1 COMMENTS
The retirement savings of tens of millions of people have come under new threat since the surprise U.K. vote to leave the European Union, thanks to a plunge in global ...
Posted in Uncategorized | Comments Off on Public Pension Performance Problems Persist
Friday, July 8th, 2016
Long Bond yields are at lowest levels in recorded human history and there is a food fight to strip them and peel away the coupon.
Via Bloomberg:
Stripping Treasuries Climbs to 17-Year High to Feed Duration Fix
2016-07-08 12:12:42.751 GMT
By Brian Chappatta
(Bloomberg) -- Wall Street’s answer to a growing pool of
negative-yielding bonds worldwide: ...
Posted in Uncategorized | Comments Off on Stripped Bonds
Friday, July 8th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Markets Quiet Ahead of US Jobs Data
During the North American session, the June jobs data will be the highlight
The next UK Prime Minister will be the first woman since Margaret Thatcher
Japan reported May current account data overnight
Brazil reports June IPCA ...
Posted in Uncategorized | Comments Off on More FX
Friday, July 8th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10e408d6,1794da86,1794da87&p1=136122&p2=445f309b799d1bb830bd4149305cf396>
The link's to the FX weekly. The UK political horizon is clouded with uncertainty as far as the eye can see. The May/Leadsom contest starts now but how/when a new PM invokes Article 50 is a mystery (this year/next year, vote/no vote???), even as we worry ...
Posted in Uncategorized | Comments Off on FX
Friday, July 8th, 2016
Via Bloomberg:
IG CREDIT: ORCL Issues Continue to Be Among Most Active
2016-07-08 09:54:41.268 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.9b vs $18.5b Wednesday, $19.9b last Thursday. 10-
DMA $14.4b; 10-Thursday moving avg $16.4b.
* 144a trading added $1.6b of IG volume vs $2.1b on Wednesday,
$2.7b last Thursday
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Friday, July 8th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: TEVA Acceleration Update Added
2016-07-08 09:29:05.568 GMT
By Robert Elson
(Bloomberg) -- LATEST UPDATES
* Teva Pharmaceutical Industries (TEVA) Baa1/BBB+, said to
consider accelerating $22b bond sale plan
* TEVA ~$40.5b Allergan generics buy
* $22b bridge; $5b TL commitment (Nov 18)
* EnLink Midstream Partners (ENLK) Ba2/BBB-, had
BofAML/JPM/STRH organize investor calls July 6; ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, July 7th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Anyone looking for evidence in the initial unemployment claims data that the labor market has softened is out of luck. In the week ended July 2, claims slid by 16,000 to 254,000, the lowest reading since April. The underlying trend has been remarkably steady ...
Posted in Uncategorized | Comments Off on Initial Claims
Thursday, July 7th, 2016
Via Bloomberg:
The Rome Olympics of 1960 marked the rebound of the Italian capital after years of war and reconstruction, an affirmation of the country’s renaissance and the city’s emergence as a symbol of dolce vita insouciance. Rome is still paying the bill, and the new mayor, Virginia Raggi, is sick ...
Posted in Uncategorized | Comments Off on Populists Politicians and Italy’s Debt Pile
Thursday, July 7th, 2016
The Brexit vote has sparked withdrawals by investors from UK based property funds. That outflow has a run on the bank quality to it and Bill Gross has commented that it is reminiscent of the actions at Bearn Stearns hedge funds in the fledgling days of the financial crisis.
Via Bloomberg:
...
Posted in Uncategorized | Comments Off on “Reminiscent of Bear Stearns”
Thursday, July 7th, 2016
Via Bloomberg:
IG CREDIT: Volume Higher, Spreads Tighter; ORCL Led Trading
2016-07-07 10:02:51.905 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $18.5b vs $14.5b Tuesday, $17.7b last Wednesday. 10-DMA
$14.1b; 10-Wednesday moving avg $17.1b.
* 144a trading added $2.1b of IG volume vs $1.9b Tuesday,
$2.6b last Wednesday
* Most active issues:
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff