1. Show article details.

    BULLET: US TSYS: (1 of 2) Karl Haeling, VP at LBBW in NY,....

    Market News Intl Fixed Income Bullets – 10:26 PM ET 04/23/2014

    US TSYS: (1 of 2) Karl Haeling, VP at LBBW in NY, writes in a note to clients on Treasuries: "Even as the S&P 500 has recovered most of the losses it made in the first half of April, Treasuries have held relatively steady. In addition to the global disinflation pressures, there are a few different reasons for this. One appears to be that U.S. banks have increased their purchases of Treasuries. Given that mortgages backed by Freddie Mac (FMCC) and Fannie Mae (FNMA) could lose their zero-percent risk weighting, banks are believed to be shifting in to Treasuries more actively. In addition, pension funds seem to continue to re-allocate investments out of equities into longer-dated bonds. This started in January after strong equity gains last year rescued many pension funds from under-funded positions, and they are moving back in to bonds to lock in the improvements."

  2. Show article details.

    BULLET: US MBS: At 11:15ET, NY Fed is expected to announce...

    Market News Intl Fixed Income Bullets – 11:03 AM ET 04/23/2014

    US MBS: At 11:15ET, NY Fed is expected to announce it will begin buying Fannie Mae and Freddie Mac TBAs with 4% coupon via FedTrade. Max amount expected to be $400mm Fannies and $300mm Freddies. Results out shortly after 11:44ET. For the last 3 weeks, NY Fed has been increasing its buys via its owns system and lessening the amount it buys via Tradeweb. Size of purchases via FedTrade is gradually increasing and today's will probably be the largest in one operation to date. This week, Fed is expected to buy $2.3B via FedTrade and $7.8B via Tradeweb. On Monday it bought $625mm Fannie 4s for June delivery vs. $7.728B submitted.

  3. Show article details.

    Sales of existing homes slowest since July 2012

    MarketWatch – 3:16 PM ET 04/22/2014

    WASHINGTON-- The sales pace of existing homes ticked down in March to the slowest rate since July 2012, showing weakness in the early spring sales season, though underlying trends signal a firming in market fundamentals, economists said Tuesday. The National Association of Realtors reported that the annual sales pace of existing homes declined 0.2% last month to a seasonally adjusted annual 4.59 million. But March's result beat a consensus among who had expected a sales rate of...

  4. Show article details.

    Home prices rose 0.6% in February: FHFA

    MarketWatch – 9:07 AM ET 04/22/2014

    WASHINGTON-- Home prices rose a seasonally adjusted 0.6% in February, and were up 6.9% from the year- ago period, the Federal Housing Finance Agency reported Tuesday. In January, prices rose a downwardly revised 0.4% compared with the initial estimate of a 0.5% gain. FHFA's data are based on mortgages sold or guaranteed by federally controlled mortgage buyers and.

  5. Show article details.

    Fannie Mae Prices $896 Million Multifamily DUS REMIC (FNA 2014-M4) Under Its Fannie Mae GeMS™ Program

    PR Newswire – 1:53 PM ET 04/21/2014

    WASHINGTON, April 21, 2014 Fannie Mae (FNMA) priced its fourth Multifamily DUS® REMIC in 2014 totaling $896.4 million under its Fannie Mae Guaranteed Multifamily Structures program on April 11, 2014. "Investors had to contend with some rate volatility while the book was building," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets.

  6. Show article details.

    BULLET: US OUTLOOK/OPINION: Fannie Mae's Apr forecast says...

    Market News Intl Fixed Income Bullets – 9:07 AM ET 04/21/2014

    US OUTLOOK/OPINION: Fannie Mae's Apr forecast says they "have downgraded our housing forecast slightly due to a lackluster sales picture, but the recent loss of momentum is likely a temporary one. Overall, we expect housing to add 0.3 percentage points to economic growth this year. While existing home sales have remained essentially flat, we continue to believe that new home sales will increase at a double-digit pace. Housing starts are expected to rise to about 1.05 million units in 2014, up from 925,000 in 2013 but approximately 50,000 fewer than we expected at the beginning of the year due to builders' credit and labor constraints."

  7. Show article details.

    Economy Stuck in Lower Gear But Expected to Accelerate in Q2 2014

    PR Newswire – 9:00 AM ET 04/21/2014

    WASHINGTON, April 21, 2014 A slow growth pattern dominated the first quarter of the year, but the economy is expected to gain momentum in the second quarter amid an increase in government spending and diminishing drag from a slowdown in inventory stockpiling, according to Fannie Mae's Economic & Strategic Research Group.

  8. Show article details.

    Bank of America loss isn't just a mortgage story

    MarketWatch – 3:39 PM ET 04/16/2014

    Bank of America Corp. (BAC) today reported more mediocre results, with a first-quarter net loss springing from another major mortgage-related settlement. But there are two silver linings. The bank's shares slumped over 3% on the net loss of $276 million, or 5 cents a share, compared with earnings of $3.4 billion, or 29 cents, in the fourth quarter, and $1.5 billion, or 10 cents, a year earlier.

  9. Show article details.

    Bank of America Settles With Monoline Insurer FGIC Over Second-Lien Mortgage Securities

    DJ Business News – 8:00 AM ET 04/16/2014

    Bank of America Corp. (BAC) said Wednesday that it settled mortgage-backed securities claims with the monoline insurer Financial Guaranty Insurance Co., or FGIC. The bank said it had settled seven of the nine trust settlements and expected to pay a total of about $950 million. The bank also said that the expenses were covered by legal reserves.

  10. Show article details.

    BULLET: US MBS: "MBS are not particularly expensive..........

    Market News Intl Fixed Income Bullets – 11:54 AM ET 04/11/2014

    US MBS: "MBS are not particularly expensive according to one popular measure of value," says Walt Schmidt of FTN Financial. 30Y LIBOR OAS levels are right at the average of the Fed's QE era from 2009 to now, he says. Schmidt also believes the MBS market has more room to run for the following reasons: 1) Money manager community appears to be quite short; 2) 2H 2013 outflows from bond funds have abated and have started to reverse. Recent stock market weakness could spur more of this. As "rich" as the market seems to be on a yield/spread basis, Schmidt, says not all shorts have covered in the MBS market. While 10Y Treasuries are unlikely to reach the 1.60% from about a year ago or Fannie Mae (FNMA) 30Y 3.5s to get back to a $106 handle, these markets still have room on the upside, he adds.

  11. Show article details.

    U.S. budget deficit narrows sharply in March

    MarketWatch – 4:19 PM ET 04/10/2014

    WASHINGTON-- The U.S. budget deficit narrowed sharply in March, the Treasury Department reported Thursday, as tax receipts climbed and government spending fell broadly. The government's shortfall was $37 billion, down 65% compared to the March 2013 deficit of $107 billion. In March, the government's receipts of individual and corporate taxes were both higher.

  12. Show article details.

    BULLET: US TSYS SUMMARY: Mkt opened lower and saw............

    Market News Intl Fixed Income Bullets – 11:21 AM ET 04/09/2014

    US TSYS SUMMARY: Mkt opened lower and saw additional selling ahead of the $21b 10y r/o auction, then improved and sits midway off the lows. Fast money sold bond futures at 133-14, real$ sold cash 10y at 100-13/32. Levered and real$ then bought 5s and 10s along with Bunds in counter-trade. Black boxes sold 10Y futures early/bought S&P Eminis, and sold yen/bought $ in a 4-part continuation trade that is expected to reverse at day's end. One shop expects more buyers if 10y dips toward 2.75%. Fed bought $1.08b in long bonds. FHLB announced $3b 3y global for Thurs, talked at T+11. Handful of corps, mainly banks, are coming to mkt amid the usual hedging. Also watching Greece's E2.5 bln 5y sale, order book opens Thurs amid rumored E11+ bln in pre-sale interest. US focus remains on 2pm ET FOMC mins, which come after the auction and are expected to show differences of opinion. Fed's debut MBS operation over FedTrade this morning bought $312m 30Y Fannie Mae (FNMA) 4s for May settlement vs $4.208b submitted.

  13. Show article details.

    BULLET: US MBS: In NY Fed debut operation over FedTrade......

    Market News Intl Fixed Income Bullets – 9:48 AM ET 04/09/2014

    US MBS: In NY Fed debut operation over FedTrade this morning, NY Fed bought $312 mln (par value) 30Y Fannie Mae (FNMA) 4s for May settle versus $4,208 mln (par) submitted. It had already said it would only buy as much as $350 mln in this operation. The next operation will take place on Fri at 9:00am and it will be for Freddie Mac (FMCC) 30Y 4s for May settle. That operation will also be capped at $350 mln. The Fed is in the process of gradually moving to a system of buying its daily dose of MBS (QE3+reinvestments) from the Street via FedTrade as opposed to Tradeweb. For this week, NY Fed has said it will buy a maximum of $700 mln via FedTrade and about $9.2 bln via Tradeweb.

  14. Show article details.

    Bank stock winners and losers for 2014

    MarketWatch – 6:31 AM ET 04/09/2014

    U.S. banks may be nickeling-and-diming their customers, but they've been enriching their investors. The industry's recovery from near-bankruptcy in late 2008 and early 2009 has been extraordinary. In recent years, the 24- member KBW Bank Index rose 30% during 2012, as Bank of America Corp. (BAC) led the way, more than doubling.

  15. Show article details.

    BULLET: US DATA: Commercial and multifamily mortgage.........

    Market News Intl Fixed Income Bullets – 10:09 AM ET 04/08/2014

    US DATA: Commercial and multifamily mortgage bankers closed $358.5 billion of loans in 2013 according to the Mortgage Bankers Association's (MBA) 2013 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation. Commercial bank and savings institutions were the leading investor group for whom loans were originated in 2013, responsible for $100.5 billion of the total. CMBS issuers saw the second highest volume, $79.8 billion, and were followed by life insurance companies and pension funds; Fannie Mae (FNMA); REITS, mortgage REITS and investment funds; and Freddie Mac.

  16. Show article details.

    BULLET: US: Fannie Mae's study on the second home market.....

    Market News Intl Fixed Income Bullets – 10:42 AM ET 04/07/2014

    US: Fannie Mae's (FNMA) study on the second home market says "compared to primary residence home buyers, the typical second home buyer is older and more affluent, more likely to own financial assets, more likely to buy the home in cash, and tends to put more money down when using a mortgage... outlook for second home sales is positive in the near term, as those who have enjoyed appreciation in financial wealth now find themselves able to buy homes in popular second home destinations at a comparatively low cost."

  17. Show article details.

    BULLET: US: Fannie Mae Hsg survey: "Recent month-to-month....

    Market News Intl Fixed Income Bullets – 9:11 AM ET 04/07/2014

    US: Fannie Mae Hsg survey: "Recent month-to-month volatility in the housing market has softened the ongoing recovery. However, the majority of the Fannie Mae National Housing Survey indicators on consumer attitudes have continued to move in a positive direction during the past year, which may portend a pickup in home buying and selling activity this spring. According to Fannie Mae's March 2014 National Housing Survey results, the share of survey respondents who say it is a good time to sell a home climbed to 38 percent last month, compared to 26 percent at the same time last year. In addition, the share who believe it would be easy to get a mortgage today increased to 52 percent, compared to 47 a year ago, and tying the all-time survey high. Americans' attitudes regarding their personal finances also have improved - those who expect their financial situation to worsen during the next 12 months decreased to 12 percent, a significant drop from 21 percent at the same time last year, and the share who say their personal financial situation improved during the past year reached an all-time survey high of 40 percent."

  18. Show article details.

    BULLET: US DATA REACT: Fannie Mae says "While construction...

    Market News Intl Fixed Income Bullets – 10:18 AM ET 04/04/2014

    US DATA REACT: Fannie Mae (FNMA) says "While construction employment rose in March for the third consecutive month, other recent housing news has not been equally positive. However, the steadily improving trend in consumer expectations regarding the housing market gives cause for hope that the market could gain traction."

  19. Show article details.

    BULLET: US PIPELINE: A total $7.825Bn of new high-grade......

    Market News Intl Fixed Income Bullets – 8:35 AM ET 04/02/2014

    US PIPELINE: A total $7.825Bn of new high-grade corporate, supra and sovereign bonds priced (*) Tues on the calendar. And Fannie Mae (FNMA) passed on its Benchmark Note issuance. - $250M *Citigroup (C) (Baa2/A-) 5Y FRN 3mL+77 C $2.0B *Citigroup (C) (Baa2/A-) 5Y fxd T+85 C $400M *Duke Energy Corp (DUK) (A3/BBB) 3Y FRN 4/3/17 3mL+38 BAR/RBC/SCO/UBS $600M *Duke Energy Corp (DUK) (A3/BBB) 10Y fxd 4/15/24 T+100 BAR/RBC/SCO/UBS $1.25B *Deutsche Bank (DB) (A2/A) Reop 2019 T+78 DB $1.0B *Costa Rica (Baa3/BB) 30Y 144A Reg S 7% BAML/DB $550M *Mass Institute of Tech (AAA) 100Y T+108 BAR/JPM/MS $425M *NY Life Global Funding (Aaa/AA+) 1.5Y FRN 3mL+3 BAML/DB/HSBC (HSBC) $350M *Union Electric Co (Ameren Missouri) (A2/A) 10Y T+75 BAML/MS/MUFJ/STRH $1.0B *Kommuninvest i Sverige AB (Aaa/AAA) 3Y 144A Reg S MS+6 C/DB/HSBC/MIZ

  20. Show article details.

    BULLET: US TSYS SUMMARY: US Treasuries ended a rangebound....

    Market News Intl Fixed Income Bullets – 3:26 PM ET 04/01/2014

    US TSYS SUMMARY: US Treasuries ended a rangebound Tues lower after 1) a big parade of high-grade corporate bond issuance before the Wed Mar ADP private payrolls, Thu ECB meeting, Fri Mar US NFP with rate-lock sales, later unwinds 2) Early sales in Tsy 10Y futures and cash 2-year notes 3) Tsys saw intermittent morning dip buying in muted 2-way flow 4) Tsys pressured mildly by firmer stocks but stocks recently gave up some gains 5) 5/30Y, 3/30Y, 2/30Y Tsy curve steepeners; 6) 10-year puts saw busy action, 11:21 bullet; 7) ECB Constacio: while inflation cause for concern, he saw no prospect of deflation 8) Data: Mildly firmer 53.7 March US ISM Purch Mgrs (vs. 53.2 Feb), firmer 48.0 April IBD/TIPP Econ Optimism Index, 0.1% Feb construction spending, steady 55.5 US Markit March Final Mfrg Index, 3.6% ICSC-GS Wkly Chain Store Index Mar 29 wk, 0.8% Corelogic US Home Prices; -0.5% Redbook Mar Store Sales 9) Canada 1% Feb Indstl Prod Prices 10) Fannie Mae (FNMA) passed on issuing a benchmark note 11) CME block trades: buy of 8,600 FVM (5Y) at 3:05am ET/vs. 3,000 USM (Bond) same time so steepener; 11) Old 2Y, old 5Y tight in RP in post-qtr end rejigger 12) German govt bonds lower amid risk-on mode


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