EU BASIC INDUSTRIES: Industrials: Week in Review
Jan-10 12:08
- Industrial spreads were unchanged overall on the week, in-line with the market. Standout movers included ROLLS (+15), PPG (+7), VRLAFP (-7) without company specific news.
Evonik was the sole primary issuer this week. 1k denominations helped drive pricing 12bp through our fair value, moving it towards its outstanding 1k deal from the outset.
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US DATA: Mortgage Refis Pick Up After Weeks Of Lethargy, Still Depressed
Dec-11 12:07
- MBA mortgage applications saw their fifth consecutive weekly increase last week with a 5.4% (sa) increase after 2.8% prior.
- It was driven by refis jumping 27% after four weeks broadly tracking sideways following heavy declines through Oct-early Nov in response to mortgage rates increasing strongly at the time.
- New purchase applications meanwhile fell -4.1% M/M after a strong run that appeared to reflect lagged feedthrough from prior mortgage rate declines.
- Composite applications are 48% of average 2019 levels, with new purchases at 60% and refis just 37%.
- The 30Y conforming mortgage rate dipped just 2bps to 6.67%, a further ease away from mid-Nov recent highs of 6.9% but still above September lows around 6.14%.
MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK
Dec-11 12:00
- MNI: US MBA: MARKET COMPOSITE +5.4% SA THRU DEC 06 WK
MNI: US MBA: REFIS +27% SA; PURCH INDEX -4% SA THRU DEC 6 WK
Dec-11 12:00
- US MBA: REFIS +27% SA; PURCH INDEX -4% SA THRU DEC 6 WK
- US MBA: UNADJ PURCHASE INDEX +4% VS YEAR-EARLIER LEVEL
- US MBA: 30-YR CONFORMING MORTGAGE RATE 6.67% VS 6.69% PREV
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