Archive for September, 2016
Thursday, September 8th, 2016
The first article I posted this morning carried (my) headline "Issuance Orgy". I just found another Bloomberg story which demonstrates the lengths to which investors will go to capture yields. I will link to full article here but this excerpt suns it up well.
Investors desperate for high yielding assets are ...
Posted in Uncategorized | Comments Off on Issuance Orgy Redux
Thursday, September 8th, 2016
Via Bloomberg:
September 7, 2016 — 7:00 AM EDT
Kenneth Rogoff has an interesting résumé: international grandmaster of chess, former chief economist of the International Monetary Fund, professor at Harvard University. And he is now—unofficially—the No. 1 enemy of cash.
"I'll admit, it's a very quirky topic," Rogoff said at a press lunch ...
Posted in Uncategorized | 3 Comments »
Thursday, September 8th, 2016
Via Bloomberg:
Yuan Intervention Signs Intensify as Offshore Loan Rates Surge
Bloomberg News
September 7, 2016 — 11:31 PM EDT
Updated on September 8, 2016 — 5:30 AM EDT
The cost of borrowing yuan in Hong Kong surged to a seven-month high amid speculation China’s central bank is intervening to discourage bearish bets on the ...
Posted in Uncategorized | Comments Off on Yuan Machinations
Thursday, September 8th, 2016
Via Bloomberg:
IG CREDIT: Trading Volume Higher as Issuance Surge Continues
2016-09-08 10:03:13.347 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.5b vs $12.6b Tuesday, $16.8b the previous
Wednesday. 10-DMA $13.4b.
* 144a trading added $2.6b of IG volume vs $1.9b Tuesday, $2b
last Wednesday
* The most active issues longer than ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Thursday, September 8th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h11484057,1839c9ab,1839c9ac&p1=136122&p2=1ff01d9292844b38f55aae3aeb5b576e>
Overnight, markets are characterised by tiny ranges and good news. The Beige Book was, on balance, reasonably upbeat; Australian trade data (for July, an A$ 2.4bn deficit vs 3.2bn last time); A rise in Chinese exports (in August, by 5.9% y/y) and an p[ward revision to ...
Posted in Uncategorized | Comments Off on FX
Thursday, September 8th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: 3 Set to Price, 5 Names Added to List
2016-09-08 09:43:03.53 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Toronto-Dominion Bank (TD) A2/A-, to price $bench 15/NC10
subordinated non-viability contingent capital FXD notes, via
managers GS/JPM/TD/WFS; IPT +237.5 area
* BOC Aviation (BOCAVI) na/BBB+/A-, to price $500m 144a/Reg-S
5Y, via BNP/BOC/C/DBS/HSBC/JPM/WFS; ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, September 8th, 2016
Via Bloomberg:
Blue-Chip U.S. Company Bond Sales Top $1 Trillion at Record Pace
Claire Boston
claireeboston
September 7, 2016 — 9:43 PM EDT
Blue-chip companies have just sold more than $1 trillion of bonds for the fifth year in a row -- and they got there quicker than ever.
Start your day with what’s moving markets.
Get ...
Posted in Uncategorized | Comments Off on Issuance Orgy
Wednesday, September 7th, 2016
Via TDSecurities:
TD Securities
Swap Spreads: Libor: Are We There Yet?
PDF: https://www.tdsresearch.com/currency-rates/viewEmailFile.action?eKey=75X90JQE3U18VA4C0OB5QJ6NN
§ With just over a month remaining before the October 14 money fund reform deadline, we believe that the pressure for Libor to increase re-emerge. We expect $200-300bn in prime fund outflows to occur between now and the deadline. ...
Posted in Uncategorized | Comments Off on Look For Renewed Upward Pressure on Libor
Wednesday, September 7th, 2016
Via Bloomberg:
IG CREDIT: Client Flows Led Volume; Issuance Flood Ongoing2016-09-07 10:50:28.144 GMTBy Robert Elson (Bloomberg) -- Secondary IG trading ended with a Tracecount of $12.6b Tuesday vs $5.6b Friday, $15.4b the previousTuesday. 10-DMA $13.3b. * 144a trading added $1.9b of IG volume vs $581m Friday, $2.1b last Tuesday * The ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Wednesday, September 7th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar Stabilizing After Weak European Data
Disappointing industrial output figures from Germany and UK are helping stabilize the US dollar
During the North American session, the US reports weekly mortgage applications and July JOLTS job openings
The Bank of Canada meets and ...
Posted in Uncategorized | Comments Off on FX