Brian Chappatta

Brian Chappatta


Columnist @BOpinion. All bonds, all the time. Northwestern grad. CFA Charterholder. Reach out: bchappatta1@bloomberg.net

9467 followers  •  392 follow  •    •   https://t.co/hLbjPlG39q

*S&P DOWNGRADES CIRQUE DU SOLEIL TO 'D' ON MISSED INTEREST PAYMENT It was rated B- on March 27.

Just when you thought munis were out of the woods... Yields on the long end rise by 50 basis points in a day. Here's @danielle_moran , @amanda_albright  and @MartinZBraun  on what the heck happened:

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oh my god *U.S. JOBLESS CLAIMS AT RECORD 6.65 MILLION LAST WEEK, DOUBLING LAST WEEK'S 3.31 MILLION This is *initial* claims, so these are all new people. So that's 10 million in two weeks.

Woah. Bank of America: "The outcome of the People vs COVID-19 determines the size of 10Y UST rally." People = 0% to 0.25% COVID-19 = -0.56% to 0%

*U.S. HIGH-YIELD FUNDS SEE RECORD INFLOW OF $7.09 BILLION wonder what they bought with that money 🤔

New Fed balance sheet number is out! $5.81 trillion

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*EXXONMOBIL LOSES AAA RATING FROM MOODY'S IN CUT TO Aa1, OUTLOOK REMAINS NEGATIVE dang oil

PIMCO will run the Fed's commercial paper funding facility.

Initial jobless claims yesterday were staggering. Today's payrolls report was worse than expected. And yet, Treasury yields barely moved. It suggests the Fed's relentless bond buying may be serving as yield-curve control during this crisis. Column:

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(Bloomberg) -- Senate Majority Leader Mitch McConnell says the U.S. budget deficit is "disturbing" and spending on entitlement programs must be addressed by both Republicans and Democrats.

New Fed balance sheet number is out! $5.25 trillion

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Still confused about why the repo market is freaking out, and whether you should care? It’s about BUDGET DEFICITS. Thread!

Today Germany sold 10-year bunds with NO COUPON. Yield was -0.26%. I'm old enough to remember when zero-coupon bonds were sold at a deep discount to par, not at 103 cents on the dollar.

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no words... this is awful *OHIO JOBLESS CLAIMS AT 139,468 SUN-THU VS 4,815 WEEK AGO

As far as the fiscal health of U.S. states is concerned, there’s Connecticut, Illinois and New Jersey, and then there’s the rest of the country. My column looks at what might be the last chance to get these pension systems back on a sustainable path. /1

Are we headed for another *mortgage crisis*? The headlines this week are bad. Margin calls on REITs and regional broker-dealers. "Force majeure" clauses. Mortgage applications tumbling the most since 2009. It all starts with rent. How many can't pay?

*Mnuchin: Fed Has Ability to Purchase Up to $1 Trillion of Commercial Paper to Stabilize Markets the entire size of the CP market is $1.13 trillion

BREAKING from @SalehaMohsin : The Treasury Department raises projection for 2018 total net borrowing to $1.33 trillion.

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