Archive for August, 2016
Friday, August 12th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Summer Markets Grind into the Weekend
Quiet, uneventful trading characterizes this summer Friday
China's data suggest not just a slowing of the economic activity but lending as well
Eurozone Q2 GDP confirmed at 0.3%, but the composition was different than expected
US retail sales ...
Posted in Uncategorized | Comments Off on FX
Friday, August 12th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h11248cf7,17fd8603,17fd8604&p1=136122&p2=0a2199ddc501ca4a253b51c5fa12b80d>
Markets continue to gorge themselves on easy money. New highs in US equities have helped support Treasury yields (10s at 1.54%), but not enough to bother Asian equities which are generally higher, while oil prices are up a bit and generally slightly steadier. In all of ...
Posted in Uncategorized | Comments Off on Early FX
Friday, August 12th, 2016
Via Bloomberg:
IG CREDIT: Volume Lower as Issuance Takes the Focus
2016-08-12 09:33:39.793 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $14.6b vs $15.6b Wednesday, $16.4b the previous
Thursday. 10-DMA $15.0b; 10-Thursday moving avg $15.8b.
* 144a trading added $2.1b of IG volume vs $2.2b Wednesday,
$1.7b last Thursday
* The most ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Friday, August 12th, 2016
Via Bloomberg:
IG CREDIT: Dealer Positions in Long IG Corporates Fall $1.4b
2016-08-12 09:38:50.40 GMT
By Robert Elson
(Bloomberg) -- Dealer positions in all corporate bonds rise
$572m to $17.6b in the week through August 3, according to Fed
NY release.
* $6.5b low Oct. 2015; high $45.9b March 2014
* Investment grade positions:
* Very short issues fell ...
Posted in Uncategorized | Comments Off on Dealer Positions
Friday, August 12th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: List Remains Long, Issuance Is the Focus
2016-08-12 09:03:28.846 GMT
By Robert Elson
(Bloomberg) -- LATEST UPDATES
* Israel Electric (ISRELE) Baa2/BBB-; said to hire C, JPM for
at least $500m bond sale in 4Q
MANDATES/MEETINGS
* Sumitomo Life (SUMILF) A3/BBB+; investor mtg July 19
* Woori Bank (WOORIB) A2/A-; mtgs July 11-20
M&A-RELATED
* Analog ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, August 11th, 2016
Via Bloomberg:
The nation’s debt backs growing amount of tri-party repos
Share of deals reaches 47%, most since Fed data began in 2010
A crucial corner of the bond market is signaling that dealers are having an easier time financing their Treasuries holdings, reducing concern that liquidity has become strained in trading ...
Posted in Uncategorized | Comments Off on Repo Makes a Comeback
Thursday, August 11th, 2016
Via WSJ:
By AnnaMaria Andriotis
Aug. 11, 2016 12:30 p.m. ET
The bill is coming due for many homeowners on a type of loan that was widely popular in the run-up to the housing bust, causing a rise in delinquencies at banks.
More homeowners are missing payments on their home-equity lines of credit, or ...
Posted in Uncategorized | Comments Off on The Bill Comes Due
Thursday, August 11th, 2016
Via Ian Lyngen:
* This afternoon's 30-year auction was average with an on-the-screws stop and non-dealer bidding above the norm at 72.4% vs. 67% average.
* 30-year auction stops at 2.274% vs. 2.274% 1pm WI.
* Dealers were awarded 27.7% vs. 33% average of the last four 30-year Refundings.
* Indirects get 61.5% vs. ...
Posted in Uncategorized | Comments Off on Long Bond Auction Result
Thursday, August 11th, 2016
Via Robert Sinche at Amherst Pierpont Securities:
CHINA: An important update on developments in growth during 3Q, which has the potential to show a modest acceleration. The BBerg consensus expects Industrial Production will have risen 6.2% YOY in July, the same as June, while Retail Sales growth slowed slightly to 10.5% ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, August 11th, 2016
This is an interesting article by Kenneth Rogoff in which he argues that the US should be lengthening the maturity of its debt. I have thought that for quite some time. Corporate treasurers have used this window of extraordinarily low rates to engage in an orgy of financing. It would ...
Posted in Uncategorized | Comments Off on Lengthening the Nations Debt