Archive for July, 2016
Friday, July 22nd, 2016
Via Bloomberg:
The Search for the Elusive Natural Interest Rate
The concept guides central bankers like Janet Yellen, but the rate can’t be directly observed.
July 22, 2016 — 6:00 AM EDT
Financial markets are remarkably strong in a world roiled by terror attacks, a coup attempt in Turkey, murders of police officers in ...
Posted in Uncategorized | Comments Off on Natural Rate
Friday, July 22nd, 2016
Via Bloomberg:
IG CREDIT: MS, GS Issues Most Active on Client Flows
2016-07-22 09:41:04.316 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.8b vs $19.6b Wednesday, $16.6b the previous
Thursday. 10-DMA $16.5b; 10-Thursday moving avg $16.6b.
* 144a trading added $2.3b of IG volume vs $2.5b on Wednesday,
$2.0b last Thursday
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Friday, July 22nd, 2016
Via Bloomberg:
IG CREDIT PIPELINE: List Grows With Amex, Visa, Nike, TRITOB
2016-07-22 09:27:30.566 GMT
By Robert Elson
(Bloomberg) -- LATEST UPDATES
* Visa (V) A1/A+; CFO says will issue $2b debt for buybacks by
yr end (July 21); last seen in Dec.
* Nike (NKE) A1/AA-; automatic debt shelf (July 21); has just
3 issues outstanding, last ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, July 18th, 2016
Via Bloomberg:
Stock Market’s Enduring Record of Calling Presidential Races
Lu Wang
July 18, 2016 — 12:00 AM EDT
Updated on July 18, 2016 — 4:06 PM EDT
S&P 500 has correctly predicted 19 of 22 elections since 1928
Equities are at a record, but are divorced from the economy
For an idea of how a presidential ...
Posted in Uncategorized | Comments Off on Political Economy
Monday, July 18th, 2016
Via Bloomberg:
IG CREDIT: Client, Affiliate Flows Led Volume in Active Issues
2016-07-18 09:47:19.481 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $12.2b Friday vs $16.6b Thursday, $13.1b the previous
Friday. 10-DMA $15.3b; 10-Friday moving avg $10.3b.
* 144a trading added $2.2b of IG volume Friday vs $2b
Thursday, $2.3b last ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Monday, July 18th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
Four large dramas are being played out among the major high income countries
The Republican convention gets under way in the US
The drama in Japan is about Abenomics 2.0, which drove the yen 5% lower last week ...
Posted in Uncategorized | Comments Off on FX
Monday, July 18th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: Teva May Open Issuance Week Today
2016-07-18 09:37:17.777 GMT
By Robert Elson
(Bloomberg) -- Teva Pharmaceutical Industries (TEVA)
Baa1/BBB+, mega-deal is expected to come as soon as today, via
presumed managers Barclays, BofAML, BNP, CS, HSBC, Mizuho.
** Calls for U.S.-based investors ended Thursday
** Meetings in Europe July 18-19
** The meetings in ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Monday, July 18th, 2016
Professor Robert Shiller ( co developer of the Case Shiller Index)says that land and houses make for poor long term investments.
Why Land and Homes Actually Tend to Be Disappointing Investments
By ROBERT J. SHILLER JULY 15, 2016
Buy land: They’re not making it anymore. That often repeated adage sounds like good financial ...
Posted in Uncategorized | Comments Off on Land And Homes a Poor Investment
Monday, July 18th, 2016
This will be a busy week in the unfolding earnings season. The WSJ reports that ninety major companies will report this week. Estimates are that profits will decline for a fourth consecutive quarter. That would seem like an occurrence which would happen with the economy in recession so one might ...
Posted in Uncategorized | Comments Off on Corporate Profits
Monday, July 18th, 2016
This is an interesting article at Bloomberg which tracks the (relative) woes of the fixed income division at Goldman Sachs which has been bitten by competiors Citibank and JPMorgan. The author blames the fall from grace on Goldman's mix of business.
It is a worthwhile read.
Via Bloomberg:
Dakin Campbell
dakincampbell
July 18, 2016 — ...
Posted in Uncategorized | Comments Off on Angst at Goldman Sachs Fixed Income