Archive for January, 2017
Tuesday, January 31st, 2017
Via Bloomberg:
UST REFUNDING PREVIEW: $62b Expected; Bill Supply in Focus
2017-01-31 15:57:55.937 GMT
By Alexandra Harris
(Bloomberg) -- February refunding announcement at 8:30am ET
Wednesday may feature outlook for bill issuance, especially in
light of debt-ceiling reinstatement March 16; next week’s
auction sizes are expected to be unchanged from November
refunding ($24b 3Y, $23b 10Y, $15b 30Y).
* ...
Posted in Uncategorized | Comments Off on Refunding Preview
Monday, January 30th, 2017
Via Bloomberg:
PRICED: Microsoft Corp $17b Debt Offering Across 7 Tranches
2017-01-30 21:43:15.424 GMT
By Lisa Loray
(Bloomberg) -- Microsoft priced $17b across seven tranches.
* Tranches (Guidance, IPT)
* $1.5b 3Y (2/06/2020) at +40
* +45 (+/-5), +60a
* Optional redemption; MWC
* $1.75b 5Y (2/06/2022) at +50
* +55 (+/-5), +70a
* Optional redemption: MWC; Par call 1mo prior ...
Posted in Uncategorized | Comments Off on Microsoft Final
Monday, January 30th, 2017
Via Robert Sinche at Amherst Pierpont Securities:
JAPAN: In advance of the BOJ meeting data will be released on December IP, Household Spending and the labor market. The Bberg consensus expects another 0.3% MOM rise in IP after a 1.5% surge in November, although YOY growth would slow to 3.0%. The ...
Posted in Uncategorized | Comments Off on Overnight Data Drop
Monday, January 30th, 2017
This articles provides details on the mega multitranche ($17 billion) Microsoft offering. I think that circa 1980 the US Treasury quarterly refunding was about $6 billion per quarter.
Via Bloomberg:
LAUNCH: Microsoft Corp $17b Debt Offering Across 7 Tranches
2017-01-30 18:09:33.469 GMT
By Lisa Loray
(Bloomberg) -- Total deal size $17b across seven tranches.
* Tranches ...
Posted in Uncategorized | Comments Off on Microsoft Refunding
Monday, January 30th, 2017
Microsoft selling as many maturities as possible it seems.
Via Bloomberg:
NEW DEAL: Microsoft $Benchmark 3Y, 5Y, 7Y, 10Y, 20Y, 30Y, 40Y
2017-01-30 12:58:55.906 GMT
By Brian Smith
(Bloomberg) -- Expected to price today.
* IPT:
* 3Y (2/06/2020): +60a
* 5Y (2/06/2022): +70a
* 7Y (2/06/2024): +90a
* 10Y (2/06/2027): +100a
* 20Y (2/06/2037): +115a
* 30Y (2/06/2047): +130a
* 40Y (2/06/2057): ...
Posted in Uncategorized | Comments Off on MSFT Deal
Monday, January 30th, 2017
I received this article from a fully paid up subscriber who noted that 10 Year Greece bonds were wider by 34 basis points today. He did not note if that was against Bunds or Treasuries.
Via Bloomberg:
Greek Bonds' ECB Fantasy Faces Cold Reality of IMF Report: Gadfly
2017-01-30 13:21:20.573 GMT
By Marcus Ashworth
(Bloomberg ...
Posted in Uncategorized | Comments Off on Greek Tragedy
Monday, January 30th, 2017
Via Bloomberg:
Treasury Coupon Auction Sizes to Grow This Year, JPM Says
2017-01-30 13:31:13.753 GMT
By Elizabeth Stanton
(Bloomberg) -- Two factors will cause U.S. financing needs
“to rise significantly” -- bigger federal budget deficits,
assuming $250b of fiscal stimulus through end of 2018, and Fed
tapering reinvestments beginning in mid-2018, JPMorgan
strategists led by Jay Barry say ...
Posted in Uncategorized | Comments Off on JPM on Treasury Supply
Monday, January 30th, 2017
Via Marc Chandler at Brown Brothers Harriman:
Drivers for the Week Ahead
Three major central banks meet in the week ahead
There are several important reports that will give investors more insight into how the economies have begun the New Year
Although the Lunar New Year holiday runs through the week, ...
Posted in Uncategorized | Comments Off on FX
Friday, January 27th, 2017
Via Robert Sinche at Amherst Pierpont Securities:
JAPAN: After surging by 3.0% over the 3 months ended November, the Bberg consensus expects that Retail Sales dropped 0.5% MOM in December, a small giveback given recent gains.
EURO ZONE: The set of monthly EC economic and confidence surveys are expected to hold recent ...
Posted in Uncategorized | Comments Off on Weekend Data Preview
Friday, January 27th, 2017
Via Stephen Stanley at Amherst Pierpont Securities:
The headline December durable goods orders figure was disappointing, as both defense and aircraft bookings were softer than expected. Defense orders more than reversed the 30% jump recorded in November, falling to the lowest level since June. Aircraft bookings were projected to improve substantially, ...
Posted in Uncategorized | Comments Off on Durable Goods