Archive for December, 2016
Thursday, December 29th, 2016
Via WSJ:
New Fed Voters Bring Wide Range of Experience to Rate-Setting Panel
First-time FOMC voters include a former university president and a onetime gubernatorial candidate
By
Michael S. Derby and
Shayndi Raice
Updated Dec. 28, 2016 3:47 p.m. ET
Three of the four officials who gain votes next year on the Federal Reserve’s ...
Posted in Uncategorized | Comments Off on FOMC Rotation: Non Economists Join the Mix
Thursday, December 29th, 2016
Via Bloomberg:
China’s Money Market Pain Is About to Get Worse
Bloomberg News
December 28, 2016, 11:00 AM EST December 29, 2016, 4:53 AM EST
Benchmark repo rate to rise further in first quarter: survey
Chinese bonds are set for worst month in at least a decade
China’s money-market liquidity squeeze is ...
Posted in Uncategorized | Comments Off on Money Market Pain in China
Thursday, December 29th, 2016
Via Bloomberg:
Money Market Reform Creates Arbitrage for Short-Term Investors
by
Sally Bakewell
December 29, 2016, 5:00 AM EST
Bond managers can earn extra half percentage point interest
Eurodollar futures trim risk in commercial paper trade
Money market reform has a silver lining for some investors.
Bond managers can earn more than half a percentage ...
Posted in Uncategorized | Comments Off on Relatively Low Hanging Fruit
Thursday, December 29th, 2016
Via Bloomberg:
IG CREDIT: Lowest Volume Wednesday in a Year
2016-12-29 10:53:07.330 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $4.8b vs $5.7b Tuesday, $11.5b last Wednesday. It was
the lowest volume Wednesday session since $3.4b 12/30/2015.
* 10-DMA $10.7b vs its recent high of $18.7b as of Nov. 22;
10-Wednesday ...
Posted in Uncategorized | Comments Off on Some Corporate Bond Stuff
Thursday, December 29th, 2016
Via Marc Chandler at Brown Brothers Harriman:
Dollar, Equities, and Yields Fall
Thin holiday markets see several recent trends reverse
News stream is light and moves seem to be more about position adjustments rather than the emergence of new drivers
US trade and inventory data will impact Q4 GDP forecasts
China ...
Posted in Uncategorized | Comments Off on FX
Wednesday, December 28th, 2016
Great article via Bloomberg:
Yield Curve Suggests Sales of Ultra-Long U.S. Bonds Are Unlikely
by
Liz McCormick
and
Robert Gee
December 27, 2016, 5:00 AM EST
Positive convexity enticement not seen as enough for investors
Each basis point increase costs more than for 30-year debt
The likely absence of a dip in the tail-end of the ...
Posted in Uncategorized | Comments Off on Ultra Long Bonds and Treasury Curve
Wednesday, December 28th, 2016
Via Bloomberg:
IG CREDIT PIPELINE: ACAFP Deal Among Those Expected Next Week
2016-12-28 10:11:37.628 GMT
By Robert Elson
(Bloomberg) -- Credit Agricole S.A. (ACAFP) Baa2/BBB+, in
mandate, said it would launch in the near future a 5Y and/or 10Y
senior non-Pfd self-led transaction.
* Names That Historically Issue in First Days of January
* January Issuance Again Expected ...
Posted in Uncategorized | Comments Off on Corporate Pipeline
Wednesday, December 28th, 2016
House flipping has made a comeback.
Via the WSJ:
By
Kirsten Grind and
Peter Rudegeair
Dec. 28, 2016 5:30 a.m. ET
0 COMMENTS
This is a great time to be in the house-flipping business.
The number of investors who flipped a house in the first nine months of 2016 reached the highest level since 2007. About ...
Posted in Uncategorized | 1 Comment »
Wednesday, December 28th, 2016
Via Bloomberg:
IG CREDIT: Very Short Issues Led Low Volume Trading Session
2016-12-28 10:36:40.869 GMT
By Robert Elson
(Bloomberg) -- Secondary IG trading ended with a Trace
count of $5.7b vs $2.2b Friday, $13.4b the previous Tuesday. 10-
DMA $12.1b; 10-Tuesday moving avg $17b.
* 144a trading added $312m of IG volume vs $229m Friday, $1.6b
last Tuesday
* ...
Posted in Uncategorized | Comments Off on Early Corporate Bond Stuff
Tuesday, December 27th, 2016
Via Bloomberg:
UBS: Here Are the Most Crowded Stocks in the World Right Now
Popularity has its pitfalls.
by
Julie Verhage
December 27, 2016, 8:27 AM EST
If you have Amazon.com Inc., Microsoft Corp. or Alphabet Inc. in your portfolio, you're in good company.
Analysts at UBS Group AG have examined the equity holdings of actively managed funds ...
Posted in Uncategorized | Comments Off on Crowded Trades