Archive for September, 2016

Credit Pipeline

Wednesday, September 7th, 2016

Via Bloomberg: IG CREDIT PIPELINE: 9 to Price, More Names, Updates Added 2016-09-07 10:34:41.917 GMT By Robert Elson (Bloomberg) -- Expected to price today: * Kommuninvest (KOMINS) Aaa/AAA, to price $bench 144a/Reg-S 3Y, via managers C/Daiwa/HSBC/Nordea; guidance MS +14 area * Inter-American Development Bank (IADB) Aaa/AAA, to price $bench Global 5Y, via BAML/JPM/Nom/RBC; guidance MS +23 area * Instituto ...

Declining College Enrollment and Productivity

Wednesday, September 7th, 2016

Via Bloomberg: Steve Matthews SteveMatthews12 September 7, 2016 — 12:00 AM EDT   For decades, a growing pool of college graduates poured into the U.S. labor market, boosting productivity and shaping America’s status as the world’s dominant economic power. That driver of growth is diminishing. Enrollment has declined every year since peaking in 2011, according to ...

Treasury Auction Schedule

Wednesday, September 7th, 2016

Tomorrow the Treasury will announce its schedule for auctions of 3s 10s and 30s. There is a tentative schedule which they publish and generally adhere to and that schedule has  both 3s and 10s on Monday and the Long Bond on Tuesday. The 3 year would be a day earlier ...

Sweden’s Riskbank Leaves Rates Unchanged

Wednesday, September 7th, 2016

Via Bloomberg: Johan Carlstrom claescarl Amanda Billner abillner September 7, 2016 — 3:32 AM EDT Updated on September 7, 2016 — 4:50 AM EDT Riksbank keeps rate at minus 0.5%, QE measures unchanged Outlook for rate increases maintained at second half of 2017   Sweden’s central bank is expected to deliver one final injection of stimulus in the form of ...

German IP Tumbles

Wednesday, September 7th, 2016

Via Bloomberg: Carolynn Look carolynnlook September 7, 2016 — 2:00 AM EDT Output slumped 1.5 percent vs estimated 0.1 percent increase Manufacturing orders rose less than forecast in July   German industrial production fell by the most in almost two years in July as manufacturing suffered from subdued global trade. Production, adjusted for seasonal swings, fell 1.5 percent ...

Early FX

Wednesday, September 7th, 2016

Via Kit Juckes at SocGen: <http://www.sgmarkets.com/r/?id=h114599f0,1835b227,1835b228&p1=136122&p2=8bc3867b81ec14b0e9402e7ea8a46a4c> I'm tempted to start with 'Bah, Humbug' after the US ISM data told us that we remain stuck in market no-man's land with vol depressed, mnonetary policy staying easy, any kind of economic acceleration elusive.  San Francisco Fed President John Williams sees the data, but sees ...

Williams Urges Hikes Sooner Rather Than Later

Tuesday, September 6th, 2016

via Blomberg: Williams sees inflation on track to reach Fed’s 2 percent goal San Francisco Fed chief brushes off disappointing U.S. data Federal Reserve Bank of San Francisco President John Williams painted an upbeat picture of the U.S. economy in a speech on Tuesday, despite recent disappointing data that have led ...

Paid to Borrow

Tuesday, September 6th, 2016

It is strange enough that governments can borrow at negative yields but now the WSJ reports that two European companies will issue short term debt at negative yields. Those who buy this should have their urine tested. Via WSJ: By Christopher Whittall Sept. 6, 2016 8:46 a.m. ET LONDON—Two large European companies are set to ...

PMI

Tuesday, September 6th, 2016

Via TDSecurities: US: ISM PMIs Not Helpful for September   ·         The August ISM non-manufacturing PMI weakened to 51.4 vs 55.5 in July and 55.0 in Q2, indicating a moderation in economic momentum in the third quarter. The August index missed consensus expectations for a more modest slip to 55.0. ·         The survey's details were ...

FX

Tuesday, September 6th, 2016

Via Marc Chandler at Brown Brothers Harriman: Dollar Soft As US and Canada Return from Holiday The RBA was the first of four central banks from high income countries that meet this week Although the BOJ meets later in a couple of weeks, it remains in focus The UK's BRC snapped ...