HALISTER1: Credit Suisse Recommends UST 2s30s Steepeners, Cites Seasonals

Credit Suisse Recommends UST 2s30s Steepeners, Cites Seasonals

(Bloomberg) -- Treasury 2s30s curve at ~140bp is near lows of past two years, and has “a strong steepening bias in the first half of September,” probably because of seasonal surge in investment-grade corporate issuance, Credit Suisse strategists Praveen Korapaty and Jonathan Cohn say in note.
  • Fundamentally, steepeners should benefit from lower odds of a federal govt shutdown, which has the potential to impair hurricane relief
  • Seasonal increase in corporate issuance also is likely to narrow swap spreads; 10y swap spreads have tightened by 4bp on avg in September over last five years, and may exceed that this year if Treasuries cheapen into debt-ceiling drop-dead date
To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net To contact the editors responsible for this story: Boris Korby at bkorby1@bloomberg.net Vivien Lou Chen

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jonathan Cohn (Credit Suisse Group AG)
Praveen Korapaty (Credit Suisse Group AG)

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UUID: 7947283

HALISTER1: DBRS: TransEd Partners General Partnership (ProjectCo) Update

DBRS: TransEd Partners General Partnership (ProjectCo) Update

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

Tickers
1371005D CN (TransEd Partners GP)

People
Charles Halam-Andres (DBRS Ltd)
Grant Headrick (DBRS Ltd)

Topics
Fixed Income Research
Credit Analysis Research
Credit Research
Investment Research
Issuer Focused Research

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UUID: 7947283

HALISTER1: U.S. ECO PREVIEW: Factory Orders Due in 5 Minutes

U.S. ECO PREVIEW: Factory Orders Due in 5 Minutes

(Bloomberg) -- Following are forecasts for today’s economic releases as compiled by Bloomberg News.
  • Factory Orders -3.3% m/m; range -4% to -2.8% (43 estimates)
  • Durables -2.9% m/m; range -6.8% to 5% (4 estimates)
    • In June, factory orders rose 3 percent, the first increase in three months
    • Aircraft orders, which led June’s gain, declined in a preliminary report on July durable goods
To contact the reporters on this story: Chris Middleton in Washington at cmiddleton2@bloomberg.net; Vincent Del Giudice in Denver at vdelgiudice@bloomberg.net To contact the editors responsible for this story: Alex Tanzi at atanzi@bloomberg.net Kristy Scheuble

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Treasury Futures Keep Mixed Outlook; Levels in Focus

Treasury Futures Keep Mixed Outlook; Levels in Focus

(Bloomberg) -- Treasury futures (TY1) technical levels in focus.
  • Daily trend bias: Neutral
  • Comment: Strong key day reversal down on Friday has been undermined by early week risk-aversion led gap higher; as such, neutral stance preferred
    • Resistance: 127-00+; 127-07+/10+
    • Support: 126-21+ (gap base); 126-19; 126-11+
  • NOTE: Roll-adjusted by difference in GFUT
  • NOTE: Sejul Gokal is a FICC technical strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice
To contact the reporter on this story: Sejul Gokal in London at sgokal1@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Scott Hamilton

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283