Archive for August, 2016
Wednesday, August 10th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 3 Expected to Price; STANLN Mandate Added2016-08-10 09:36:06.540 GMTBy Robert Elson (Bloomberg) -- Expected to price today: * Province of Alberta (ALTA) Aa1/AA, to price $bench 144a/Reg- S 10Y, via managers CIBC/RBC/Sco/TD; guidance MS +68 area * FMS Wertmanagement (FMSWER) Aaa/AAA, to price $bench Global 3Y, ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Wednesday, August 10th, 2016
Via Bloomberg:
RBA’s Stevens Urges Budget Fix, Says Monetary Policy Not Enough
Michael Heath
maheath1
August 9, 2016 — 11:13 PM EDT
Central bank governor delivers final official speech in Sydney
Says inflation target has flexibility to allow undershooting
Glenn Stevens, in his final speech at the Australian central bank’s helm, said the economy’s slowing trend growth ...
Posted in Uncategorized | Comments Off on Over Reliance on Monetary Policy
Tuesday, August 9th, 2016
Via Bloomberg:
Pimco Total Return Boosts Government Stake to Most in 25 Months
Wes Goodman
richwesgoodman
August 9, 2016 — 8:31 PM EDT
Pacific Investment Management Co.’s Total Return Fund increased its stake in government and related debt to 45.6 percent of assets as of the end of July, the highest level in 25 months.
The ...
Posted in Uncategorized | Comments Off on Pimco Bulks Up on Treasuries
Tuesday, August 9th, 2016
Via Bloomberg:
U.K. Bonds Jump as Offers Fall Short of Target at BOE QE Auction
2016-08-09 14:23:46.210 GMT
By Anooja Debnath
(Bloomberg) -- U.K. government bonds surged as the second
operation of the Bank of England’s expanded quantitative-easing
program saw it fail to buy enough gilts to reach its stated
goal.
The yield on 10- and 30-year bonds ...
Posted in Uncategorized | Comments Off on Not Enough Bonds to Go Around
Tuesday, August 9th, 2016
Via Ian Lyngen:
We are apprehensive about this afternoon’s $24 bn 3-year auction and see the risk skewed toward a small tail. Our logic is straightforward; net new issuance is the highest for a Refunding week since August 2012, technicals are bearish, yields remain low in outright terms, and the looming ...
Posted in Uncategorized | Comments Off on Three Year Auction Today
Tuesday, August 9th, 2016
Via Luke Kawa at Bloomberg:
Luke Kawa
LJKawa
August 9, 2016 — 7:19 AM EDT
A pair of better than expected non-farm payrolls reports affirms that the U.S. economy doesn't have a new problem, that is, a rapid slowdown in job growth — just the same old one: sluggish productivity.
And monetary policymakers will be ...
Posted in Uncategorized | Comments Off on Sluggish Productivity
Tuesday, August 9th, 2016
I was down in beautiful Charlottesville Virginia for a week and returned last evening. I note that the 10 year Gilt has enjoyed quite a romp versus the 10 year Treasury. on the morning of August 1 the 10 year gilt traded 78 basis points through the US (.71 and ...
Posted in Uncategorized | Comments Off on Kinks in the UK Curve
Tuesday, August 9th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Sterling Slips to a Four-Week Low
In an otherwise uneventful foreign exchange market, sterling's slide for its fifth consecutive session is the highlight
Another economic feature of the session was the Chinese inflation data
The US calendar features include Q2 productivity and unit ...
Posted in Uncategorized | Comments Off on FX
Tuesday, August 9th, 2016
Excellent article via WSJ:
By Vipal Monga and
Heather Gillers
Aug. 8, 2016 6:36 p.m. ET
2 COMMENTS
When Quincy, Mass., Mayor Thomas Koch looked into borrowing $38 million this summer as an advance on a planned bond issue, he was distressed to find the costs had jumped nearly 60% since January.
Around the same time, ...
Posted in Uncategorized | 1 Comment »
Tuesday, August 9th, 2016
Via WSJ:
By Georgi Kantchev,
Christopher Whittall and
Miho Inada
Updated Aug. 8, 2016 7:34 p.m. ET
2
KORSCHENBROICH, Germany—Two years ago, the European Central Bank cut interest rates below zero to encourage people such as Heike Hofmann, who sells fruits and vegetables in this small city, to spend more.
Policy makers in Europe and Japan have ...
Posted in Uncategorized | 1 Comment »