Archive for October, 2016
Thursday, October 13th, 2016
Via Bloomberg:
IG CREDIT: PSX 30Y, 10Y Led Trading Volume
2016-10-13 09:56:10.959 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $16.7b vs $15.4b Tuesday, $18.7b the previous
Wednesday. 10-DMA $15.9b.
* 144a trading added $3.2b of IG volume vs $2.7b Tuesday,
$3.2b last Wednesday
* Trace most active issues:
* PSX 4.90% 2046 ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Thursday, October 13th, 2016
Via Bloomberg:
This Bank-Beating Trading Powerhouse Doesn’t Use Human Traders
John Detrixhe
johndetrixhe
October 13, 2016 — 12:00 AM EDT
One of the world’s fastest-growing trading shops doesn’t have any traders.
XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top five earlier this ...
Posted in Uncategorized | Comments Off on Replacing Humans
Thursday, October 13th, 2016
Via Bloomberg:
Catherine Bosley
cbSwiss
October 13, 2016 — 5:17 AM EDT
Helicopter money — the direct transfer of cash from central banks to consumers — has been touted as a radical form of stimulus to boost moribund inflation. A study by ING suggests it may not have much of an impact.
If people were ...
Posted in Uncategorized | Comments Off on Helicopter Money Might Be Saved
Thursday, October 13th, 2016
Via Bob Elson at Bloomberg:
IG CREDIT PIPELINE: SWED, EIBKOR to Price; Mandates Added
2016-10-13 09:33:42.422 GMT
By Robert Elson
(Bloomberg) -- Expected to price today:
* Kingdom of Sweden (SWED) Aaa/AAA, to price $benchmark
144a/Reg-S 3Y, via managers Barc/GS/HSBC/SEB; guidance MS +7
area
* Export-Import Bank of Korea (EIBKOR) Aa2/AA, to price
$benchmark 4-part deal, via
ANZ/BAML/CA/Miz/MS/Samsung/SG/UBS
* 3Y, guidance ...
Posted in Uncategorized | Comments Off on Credit Pipeline
Thursday, October 13th, 2016
Via Kit Juckes at SocGen:
<http://www.sgmarkets.com/r/?id=h1183c17c,189a5d18,189a5d19&p1=136122&p2=c8389796cf291b9cbde7cf0299ef5c6a>
The FOMC Minutes reflected the fact that the decision to leave rates on hold in September was a ‘close call' but, not for the first time, the decision to wait prevailed. A tightening labour market is the main argument for raising rates and although a recovery ...
Posted in Uncategorized | Comments Off on FX
Wednesday, October 12th, 2016
Via Bloomberg:
Julie Verhage
julieverhage
Andrew Cinko
October 12, 2016 — 11:05 AM EDT
Yesterday's big stocks drop may have just been the beginning.
Or so says HSBC Holdings Plc technical analyst Murray Gunn. In a new note, Gunn says he is now on alert for a big dip in U.S. equities. "With the U.S. stock ...
Posted in Uncategorized | Comments Off on HSBC looks For Sharp Drop in US Stocks
Wednesday, October 12th, 2016
Greg Ip at the WSJ writes an excellent piece on the dim prospects for banks:
By Greg Ip
Updated Oct. 12, 2016 6:21 p.m. ET
Seven years since the global financial crisis, banks don’t look like a source of trouble. They’re making money and have thickened their buffers against bad loans, while extensive ...
Posted in Uncategorized | Comments Off on Dim Future For Banking
Wednesday, October 12th, 2016
Via my former colleague Steve Liddy:
Current 5s trading
-1.30 to 10/31
-0.45 to 11/15
-0.35 to 11/30
Seems rich for current 5s, to be trading that negative out to mid/late November. There was a large TY/WN steepener (exit flattener?) that went through this morning, and market was able to hang in there (I see ...
Posted in Uncategorized | Comments Off on Five Year Repo
Wednesday, October 12th, 2016
Via TDSecurities:
TD: FOMC Minutes: Plenty of discussion, but 2016 rate hike remains likely
· September FOMC minute should not materially change the calculus for a 2016 rate hike.
· The minutes reveal a lively discussion about the improving labor force participation rate and a low r-star world.
· We continue to ...
Posted in Uncategorized | Comments Off on More FOMC Analysis
Wednesday, October 12th, 2016
Via Stephen Stanley at Amherst Pierpont Securities:
We have gotten about as much Fed transparency as we can take over the last six weeks or so, as hawks and doves have been making their respective cases in a very public way. Most of these arguments were rehashed at the September 20-21 ...
Posted in Uncategorized | Comments Off on FOMC Minutes Analysis