Archive for July, 2016
Wednesday, July 27th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
The June durable goods report was generally weaker than expected. The headline figure sank by 4.0%, more than double the drop projected by the consensus. The bulk of the decline in June reflected a steep plunge in aircraft bookings (Boeing reported a sharp fall ...
Posted in Uncategorized | Comments Off on June Durable Goods
Tuesday, July 26th, 2016
Via WSJ:
By LESLIE SCISM
July 26, 2016 10:22 a.m. ET
0 COMMENTS
The insurance industry has a $160 billion blind spot: the driverless car.
Car insurers last year hauled in $200 billion of premiums, about a third of all premiums collected by the property-casualty industry. But as much as 80% of the intake could ...
Posted in Uncategorized | Comments Off on Driverless Cars and Insurance Company Revenue
Tuesday, July 26th, 2016
Via WSJ:
The German Yield Curve is Getting Kinky
Blame the ECB's era of low rates, which makes 12 years is more expensive than 10
By
JAMES MACKINTOSH
Jul 26, 2016 8:45 am ET
0 COMMENTS
Germany’s yield curve is getting kinky. The European Central Bank’s extraordinarily easy monetary policy has led to an unusual kink in ...
Posted in Uncategorized | Comments Off on Duration Lesson
Tuesday, July 26th, 2016
Via WSJ:
By TIMOTHY W. MARTIN
July 25, 2016 7:16 p.m. ET
Long-term returns for U.S. public pensions are expected to drop to the lowest levels ever recorded, portending deeper pain for states and cities as a $1 trillion funding gap widens.
Twenty-year annualized returns for public pensions in the U.S. are poised to ...
Posted in Uncategorized | Comments Off on Low Returns Bedevil Pension Funds
Tuesday, July 26th, 2016
Via Ian Lyngen (formerly of CRT Capital):
We are apprehensive about this afternoon’s $34 bn 5-year auction and see the risks tilted toward a modest tail. Following yesterday’s poor 2-year reception and with the WI currently suggesting the lowest yielding new 5-year since May 2013, we expect a lackluster reception unless ...
Posted in Uncategorized | Comments Off on Five Year Note Auction
Tuesday, July 26th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Yen Soars Amid Stimulus Confusion and Doubts
The strength of the Japanese yen is the main development in the foreign exchange market today
Sterling has managed to recover from the initial slide driven by dovish signals from MPC member Weale
The North American ...
Posted in Uncategorized | Comments Off on FX
Tuesday, July 26th, 2016
Via Japan Today:
Yen gains as Japanese stimulus expectations dialled back
Jul. 26, 2016 - 04:51PM JST ( 1 )
LONDON —
The yen rose more than 1 percent against the dollar and the euro on Tuesday, as traders dialled back expectations of how much new stimulus Japanese authorities will inject into an ailing ...
Posted in Uncategorized | Comments Off on Yen Surge
Tuesday, July 26th, 2016
Via Bloomberg:
Weale Says BOE Stimulus More Likely as Slowdown Signs Mount
Fergal O'Brien
fergalob
July 26, 2016 — 2:46 AM EDT
Bank of England policy maker Martin Weale said Brexit has rattled the economy more than he anticipated and indicated he now favors immediate stimulus.
After saying last week he needed to see more evidence ...
Posted in Uncategorized | Comments Off on English Ease
Tuesday, July 26th, 2016
Via Bloomberg:
IG CREDIT: WFC 5Y, MS 10Y Led Secondary Trading Session
2016-07-26 09:36:31.570 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.7b vs $11.5b Friday, $14.8b last Monday. 10-DMA
$16.3b; 10-Monday moving avg $13.2b.
* 144a trading added $1.7b of IG volume vs $1.4b Friday, $1.9b
last Monday
* Most active ...
Posted in Uncategorized | Comments Off on Some Early Corporate Bond Stuff
Tuesday, July 26th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: NIB to Price as List Grows Longer
2016-07-26 09:29:47.939 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Nordic Investment Bank (NIB) Aaa/AAA, to price $1b Global 5Y
at MS +17, via managers BAML/C/HSBC/RBC
LATEST UPDATES
* Adani Transmission (ADTIN) Baa3/BBB-, mandates
Barc/DBS/NBD/MUFG/Nom/SG/SCB for debut $bench 144a/Reg-S 10Y
* Visa (V) A1/A+; CFO ...
Posted in Uncategorized | Comments Off on Credit Pipeline