Archive for July, 2016
Thursday, July 14th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 2 to Price; TEVA Calls, Meetings Set
2016-07-14 09:39:01.990 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Inter-American Development Bank (IADB) Aaa/AAA, to price
$bench Global 5Y FRN, via managers C/GS/Nom; guidance 3ML
+20 area
* Province of Quebec (Q) Aa2/A+, to price at least $500m 3Y
FRN MTN, via BAML/HSBC/JPM/TD; ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, July 14th, 2016
This Barron's story notes that some of the conversation around helicopter money in Japan focuses on a zero coupon perpetual bond. Zero coupon perpetual is sort of a financial oxymoron. It is a stock without a dividend but since it is issued by the government there is no chance for ...
Posted in Uncategorized | Comments Off on Zero Coupon Perpetual
Thursday, July 14th, 2016
Via Barron's:
July 14, 2016, 2:41 A.M. ET
Yen Slides, Breaks 105 As Abe Advisor Talks About Helicopter Money
By Shuli Ren
The Japanese yen fell more than 1% in afternoon trading, breaking 105 for the first time since June 24, while the Nikkei 225 rose for the fourth day, closing 1% higher ...
Posted in Uncategorized | Comments Off on Helicopter Money Sinks Yen
Thursday, July 14th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h10ee72d8,17a5c39d,17a5c39e&p1=136122&p2=4c5754bf32d93a80098869f7b9ccad1c>
The UK continues to make headlines, with PM Theresa May's first Cabinet taking shape. In comes Boris Johnson to the Foreign Office (amid gasps from the commenting classes), and out goes George Osborne (replaced as Chancellor by Phillip Hammond). Mr Hammond has already said there won't ...
Posted in Uncategorized | Comments Off on More FX
Thursday, July 14th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Will BOE Ease on May Day?
After a nearly three weeks of turmoil following the UK referendum, there is now a sense of order returning to UK politics
Today's focus though is not on Brexit per se, but rather the Bank of England meeting
...
Posted in Uncategorized | Comments Off on FX
Wednesday, July 13th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: Over the next week the PBOC will release its monetary report for June; the Bberg consensus expects that Aggregate Financing Activity to have picked up to CNY 1,100bn from a 7-month low of CNY659.9bn in May. Since GDP and other key data will ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Wednesday, July 13th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Sterling and Yen Momentum Slows
Momentum is stalling today across many markets
The Japanese government cut its GDP and inflation forecasts today
Bank Negara unexpectedly cut rates 25 bp to 3.0%; China reported a slightly smaller trade surplus
There are two key ...
Posted in Uncategorized | Comments Off on FX
Wednesday, July 13th, 2016
Via Politico.com:
Swing-state stunner: Trump has edge in key states
By Steven Shepard
07/13/16 06:00 AM EDT
Did Donald Trump really just surge past Hillary Clinton in two of the election's most important battlegrounds?
New swing-state polls released Wednesday by Quinnipiac University show Trump leading Clinton in Florida and Pennsylvania — and tied in the ...
Posted in Uncategorized | Comments Off on Trump Making Inroads in Key States
Wednesday, July 13th, 2016
Via Bloomberg:
IG CREDIT: 5th Highest Trading Volume on Record; Spreads Tighter
2016-07-13 09:52:30.365 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $21.3b vs $15.9b Monday, $14.5b the previous Tuesday.
* $21.3b was the 5th highest volume of any session back to
July 2005 when the series began; more than ...
Posted in Uncategorized | Comments Off on Heavy Trading of Secondary Market Corporate Bonds
Wednesday, July 13th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 5 Set to Price, Domestics May Be Added
2016-07-13 09:34:07.439 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Japan Bank for International Cooperation (JBIC) A1/A+, to
price 2-part deal, via managers BNP/BAML/C/Nom
* 5Y, guidance MS +60 area
* 10Y, guidance MS +64 area
* Municipality Finance (MUNIFIN) Aa1/AA+, launched $1b
144a/Reg-S ...
Posted in Uncategorized | Comments Off on Credit Pipeline