Credit Writedowns » bonds

Chart of the day: Life insurers won’t meet nominal return targets

Sober Look — Tue, 24 Apr 2012 16:00:10 +0000

JPMorgan recently performed a study on the composition of portfolios managed by life insurance companies. The study looked at the top 20 life insurance firms using their regulatory filings. These are the portfolios set up to support projected policy claims. The reason it is important to measure the composition and the changes in such portfolios is that life insurance firms manage $1.9 trillion in assets. Here is the current breakdown

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Today’s Developments and 4 Important Observations

Marc Chandler — Mon, 26 Mar 2012 11:30:36 +0000

The market lacks conviction after shrugging off the disappointing European flash PMIs last week. Even though Italian and Spanish bonds are firmer today, outperforming Germany, we detect a deterioration of conditions in Europe and are concerned about a flare up in tensions after the market gets through the quarter-end portfolio adjustments. Here is some commentary on four key developments that will shape market action

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Interest rates at lows as long Kondratiev wave cycle comes to an end

Edward Harrison — Wed, 21 Mar 2012 18:00:40 +0000

Kondratieff waves are these supercycles that a lot of people have been talking about in the context of the great leveraging that led to crisis in developed economies. We appear to be at the end of one of these waves in bond markets according to some anaylsts

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[Premium] Investment implications of jobs report and 227,000 nonfarm payrolls, 8.3% unemployment

Edward Harrison — Fri, 09 Mar 2012 14:52:31 +0000

This is a gold level post. According to the US Bureau of labor Statistics, nonfarm payroll employment rose by 227,000 in February, and the unemployment rate was unchanged at 8.3 percent. Here are my thoughts on what this signals about the economy and the current cyclical bull market

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Bill Gross: mortgages make sense while Fed suppresses yields

Edward Harrison — Fri, 24 Feb 2012 00:50:21 +0000

This is an interesting one from Bill Gross on financial repression. It goes back to the policies I have called rate easing and permanent zero, where the Fed is practically guaranteeing yields out to three years. Bill Gross sees this and thinks mortgages!

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[Premium] Protecting wealth in a world of recurring crisis

Edward Harrison — Wed, 11 Jan 2012 16:30:10 +0000

Happy Wednesday. I know the news is 'less good' today than it was when I last wrote you but writing these weeklies always puts me in a more positive frame of mind. Nevertheless, today's topic is about downside risk. My hope is to frame the economic scenario globally and then to offer some strategies of mitigating what I believe is significant downside investment risk

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Jeffrey Gundlach’s Bond Outlook

Edward Harrison — Thu, 05 Jan 2012 01:00:27 +0000

Here's the skinny on how Jeffrey Gundlach sees the best tactical bond market approach for US-based investors

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Chart of the Day: Market Year in Review

Global Macro Monitor — Mon, 02 Jan 2012 19:20:06 +0000

Wow! Who would of thunk it. The Dow the only major global equity index positive for the year. U.S. Treasuries up 15-20 percent, the dollar index (Dixe) positive; Brazil and Chinese equities down 20 percent and India down almost 25 percent. Copper was on everybody’s buy list at the beginning year, finished down over 20 percent; and foodstuffs had nowhere to go but north, finishing flat after spiking earlier in the year and taking most of the political leaders in North Africa with them

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Euro Slump Extended, Mediocre Italian Bond Auction, Poor Hungarian Debt Sale

Marc Chandler — Thu, 29 Dec 2011 12:30:37 +0000

The euro extended yesterday's losses in Asia, falling to $1.2866, the lowest level since the start of the year. The euro's losses against the yen were also extended with new 10-year lows recorded just above JPY100.30. Italy wrapped up a difficult year by selling about 7 bln euros of a 5-8 bln target range. Yields were around 50-120 bp lower than the last auctions with similar bid-cover. The results did not help the Italian bond market stabilize and the 10-year yield continues to flirt with 7%

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Japan and China: Small Beer

Marc Chandler — Tue, 27 Dec 2011 02:47:51 +0000

Understanding the financial agreement within the context of that rivalry is more important than what it means for the future of the dollar as the world's more important reserve currency, invoicing currency and vehicle currency. Nor will the agreement impact the outlook for either the yuan or the yen

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