Free Trial

NYCB Worry Doing The Rounds, Off London Lows


Tsys unwind the initial London move lower.

  • TYM4 +0-02 at 110-16 (110-08 to -17 range so far).
  • Initial support: Feb 23 low (109-25+), initial resistance: 20-day EMA (110-25+).
  • Cash Tsy yields are 0.5-1.5bp lower across the curve.
  • NYCB-related worry is present after the bank highlighted material weakness re: internal controls, missed the deadline re: filing its annual report and changed its CEO late on Thursday.
  • Pre-market indications for the name have extended yesterday’s post-market weakness (indicated ~30% weaker).
  • Our credit team believes that most of the issues appear to be name-specific, not systemic. That doesn’t rule out pressure in related/linked names in NY equity trade.
  • Elsewhere, final Eurozone manufacturing PMI was a little firmer than expected, although still contractionary.
  • Eurozone CPI data was a little firmer than consensus, but in line with the tracking provided by national releases, limiting any sell off.
  • The ISM manufacturing survey headlines the U.S. calendar today. Final PMIs & UoM sentiment readings are also due.
  • The Fedspeak slate is also heavy, with no less than 8 scheduled appearances noted. The highlight will likely be the Waller-Logan discussion centred on QT.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.