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News For NOSYMBOL From The Last 14 Days Check below for free stories on NOSYMBOL the last two weeks. |
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| May 6, 2013 |
| 12:10 EDT |  | | Treasury's $53 B 3- and 6-month bill auction was strong
Treasury's $53 B 3- and 6-month bill auction was strong. The $29 B 3-month bill was awarded at 0.040%, just through the 0.045% at the bid deadline. There were $143.3 B in bids for a 4.96 cover, up from last week's 4.86. But, indirect bidding remains light for this tranche at only 10.3% compared to 6.7% previously. The $24 B 6-month bill stopped at 0.075%, also inside the 0.08% at the bid deadline. Bids totaled almost $128 B for a 5.37 cover, down modestly from 5.43 previously. Indirect bidders took 29.7% compared to last week's 39.4%. |
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| 11:40 EDT | | | Treasury Option Action: bearish positioning continued
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| 11:25 EDT | | | U.S. corporate debt: a 2-trancher from Ford Motor Co.
U.S. corporate debt: a 2-trancher from Ford Motor Co. sits atop the lean investment grade calendar, which also has small deals from Federal of a $250 M 10-year, Piedmont's $250 M 10-year and Xcel's $400 M 3-year issue. Things are actually a bit more lively in the high yield sector, as GM is stepping in with a $2 B triple trancher of 3-, 5- and 10-year legs. Other assorted HY offerings include Barminco, Buena Vista, Commercial, Fidelity, Ion, Iracore, LBC Magnetation, among others. Though still defensive after payrolls, the fixed income market should be able to absorb this week's supply. |
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| 11:10 EDT | | | Treasury cut 4-week bills by another $10 to $20 B for Tuesday's sale
Treasury cut 4-week bills by another $10 to $20 B for Tuesday's sale. The volume is down from $45 B on April 15. The surge in Treasury receipts (see our report) has allowed the debt managers to reduce bill volumes to keep cash balances under control. Remember in the debt limit suspension bill, the government prohibited the Treasury from building a war chest of cash. Supply is heavy this week with the $72 B May refunding on tap. |
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| 11:00 EDT | | | Treasury Supply: debt managers may further cut 4-week bill issuance today
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| 11:00 EDT | | | Euro$ interest rate futures eased
Euro$ interest rate futures eased to start the week as the rate complex remains jittery following Friday's payrolls, but other signals continue to point to a slowdown. The Jun 2013 contract is a half-tick lower, while the deferred contracts are off 0.5-1.0 ticks. Following this nervous pattern, 3-month dollar Libor settled higher at 0.2751% from 0.2731%, though the 3-month dollar Libor/OIS spread held at 14 basis points. There's not much on the economic docket for the rate market to sink its teeth into, but supply starts with 3-year notes tomorrow, which could keep the pressure on until over a hurdle or two. |
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| 10:55 EDT | | | NY Fed outright purchase: the Fed is buying $1.25 B to $1.75 B in bonds
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| 10:15 EDT | | | Market opens quietly, averages mixed in early trade
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| 09:45 EDT | | | FX Action: USD-CAD pulled up just short of 1.0100
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| 09:40 EDT |  | | Cuba challenges Australian tobacco rules, NY Times reports
Cuba is looking to overturn Australia's tobacco-labeling rules at WTO, reports the New York Times. A WTO spokesman said the country has filed a request for consultations with Australia and marks the first time Cuba has used the forum to confront another nation over its commercial laws. Reference Link |
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| 09:25 EDT | | | Treasury May refunding outlook: Treasury auctions $72 B in coupons
Treasury May refunding outlook: Treasury auctions $72 B in coupons, starting tomorrow with the $32 B 3-year note, followed by Wednesday's $24 B 10-year and Thursday's $16 B 30-year. About $60 B in coupons will be maturing. The back up in rates over the past couple of sessions should provide some support, but yields are still near all time historical lows, and that's been hurting recent offerings. Note the current 10-year yield is teetering right on the 200-day moving average at 1.754%. Concurrently, the NY Fed will be a buyer all week of up to $12.25 B in coupons and TIPS (though the 3-year sector is outside the Fed's maturity range). Concerns that the Fed could start tapering buybacks has also dissipated, especially after the shift to symmetric language on buybacks in last week's policy statement, and that will help at the margin. Downgrades to Q2 GDP to the 1.5% to 2.0% area along with the drag from fiscal policy suggest economic growth won't be picking up anytime soon which will keep bonds in play. However, sources suggest better buying could be seen in the belly of the curve, which would leave the 10s and 30s in the cold. Our contacts also believe there will be solid competition from corporate sales. |
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| 09:16 EDT |  | | Citigroup analysts to hold an analyst/industry conference call
Securitized Products Research Team provides a weekly group update on an Analyst/Industry conference call to be held on May 6 at 11 am. |
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| 08:50 EDT | | | BofA/Merrill's gobal financial analysts hold an analyst/industry conference call
Global Financials Analysts provide their Best Ideas for the 2Q13 on an Analyst/Industry conference call to be held on May 9 at 10 am. |
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| 08:45 EDT | | | U.S. equities are trading rather flat
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| 08:43 EDT | | | Barclays' industrials analyst research team holds a conference call
Industrials Research Team provides a weekly industry update and outlook on an Analyst/Industry conference call to be held on May 6 at 11 am. |
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| 08:39 EDT | | | Citigroup's healthcare analyst team holds an analyst/industry conference call
Managed Care & Healthcare Services Analyst Research Team provides an industry update and outlook on an Analyst/Industry conference call to be held on May 6 at 10 am. |
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| 08:36 EDT | | | Barclays' healthcare analyst team holds an analyst/industry conference call
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| 08:30 EDT | | | Futures continue to trade near fair value
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| 08:15 EDT | | | Fed funds opened at 0.14%
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| 08:03 EDT | | | BofA/Merrill's economist and strategist hold analyst/industry conference call
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