Archive for August, 2016
Thursday, August 25th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Fed Chair Yellen has been silent since her semi-annual Congressional testimony in June. To put that in perspective, the last time we heard from her was just before the Brexit vote. Clearly, a lot has happened since then, so market participants are extremely eager ...
Posted in Uncategorized | Comments Off on Yellen Preview
Thursday, August 25th, 2016
Via Robert Sinche at Amherst Pierpont Securiies:
S. KOREA: The Consumer Confidence index rebounded 2 points to 101 in July and has been close to 100 all year, surprising stability given some of the political and economic uncertainties in the region.
JAPAN: The Bberg consensus expects the Headline CPI for July to ...
Posted in Uncategorized | Comments Off on Overnight Data Preview
Thursday, August 25th, 2016
Via Ian Lyngen:
We are cautiously optimistic about this afternoon’s $28 bn 7-year auction and see the risks favoring a modest stop-through. Following the strong 2- and 5-year receptions and with the upcoming month-end duration demand nearing on the horizon, we’re anticipating solid non-dealer participation. With an average of 22% of ...
Posted in Uncategorized | Comments Off on Seven Year Note Auction Preview
Thursday, August 25th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
Durable goods orders were stronger than expected in July, though the overall picture remains far from buoyant. The overall figure jumped by 4.4%, essentially reversing the 4.2% June drop. Most of the swing reflected huge moves in the volatile defense and aircraft categories. Excluding ...
Posted in Uncategorized | Comments Off on Data Analysis
Thursday, August 25th, 2016
Via Bloomberg:
IG CREDIT: GS, ORI, BAC 10Y Issues Led Trading Volume
2016-08-25 10:12:50.995 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.1b Wednesday vs $14.6b Tuesday, $16.9b the previous
Wednesday. 10-DMA $13.4b.
* 144a trading added $2.4b of IG volume vs $2b Tuesday, $2b
last Wednesday
* The most active issues:
* ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Thursday, August 25th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Rangebound, Markets Await Fresh Incentives
The US dollar remains mostly within the ranges seen yesterday against the major currencies
German IFO sentiment for August plunged
UK CBI reported August sales
South African markets recovered after Zuma spoke out in support ...
Posted in Uncategorized | Comments Off on FX
Thursday, August 25th, 2016
Via WSJ:
By Shen Hong
Updated Aug. 24, 2016 9:33 p.m. ET
1 COMMENTS
SHANGHAI—China’s central bank has made a subtle change to the way it supplies the financial system with cash, a move that market watchers see as an attempt to cool investments in assets such as bonds, which have ballooned on an ...
Posted in Uncategorized | Comments Off on Subtle Shift by PBOC
Thursday, August 25th, 2016
Via Bloomberg:
August 25, 2016 — 5:00 AM EDT
Recommended
Gabriela Michetti.
Borrowing costs for some issuers have reached seven-year highs
Total sales for U.S. corporates on track to beat 2015’s record
U.S. companies feeling pain in short-term debt markets are seeking relief by borrowing longer term, pushing already-high levels of corporate bond issuance toward fresh ...
Posted in Uncategorized | Comments Off on Higher Short Rates Fuel Issuance
Thursday, August 25th, 2016
Via Bloomberg:
Communication falls short amid mixed messages: Pimco’s Clarida
Yield swings diminish as investors take to sidelines
The world’s biggest bond traders are getting fed up with Fedspeak.
Weeks of conflicting economic reports have whipsawed investors seeking to handicap the path of interest rates, and money managers overseeing about $6 trillion, ...
Posted in Uncategorized | Comments Off on Seeking Clarity From Ms Yellen
Thursday, August 25th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: DBJJP to Price; PFE Update Added
2016-08-25 09:26:27.61 GMT
By Robert Elson
(Bloomberg) -- Set to price today:
* Development Bank of Japan (DBJJP) A1/A+, to price 2-part
$1.65b 144a/Reg-S deal, via BAML/Barc/GS/Nom
* $500m minimum 5Y, guidance MS +56 area vs IPT MS +58
area
* $500m minimum 10Y, guidance MS +60 area ...
Posted in Uncategorized | Comments Off on Credit Pipeline