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2024

2023

  • Daiwa's View

    Daiwa's View

    7 March 2024 472 KB PDF
    • Narrowing of Japanese and European swap spreads: Signaling end of yield uptrend?
    • Japanese and European swap spreads regressing toward prepandemic mean
    • May signal end of yield uptrend for Japan and Europe, which have weaker growth potential compared to US
  • Daiwa's View

    Daiwa's View

    6 March 2024 352 KB PDF
    • With release of ISM Services Index, yield uptrend seems to have played out
    • Employment index suggests actual conditions weak, despite steady demand in service sector
    • Uptrend in long-term yield has very likely stopped temporarily, without exceeding 4.5%
  • Daiwa's View

    Daiwa's View

    26 February 2024 721 KB PDF
    • Remarks by Fed officials after release of FOMC minutes, and implications for market
    • Disinflationary process has been bumpy, and rate cuts require patience, but January inflation data has not actually changed the outlook
    • If main direction of rate cuts were unchanged (despite slight delay in rate cuts), 10-year real yield of above 2% and 2-year yield of around 5% would appear attractive
  • AT & T Inc.

    AT & T Inc.

    21 February 2024 392 KB PDF
    • Generating rich cash flows
    • 4Q23 Revenues increased 2.2% y/y to $32bn; Adjusted EBITDA increased 3.2% y/y to $10.6bn driven by higher Mobility, Consumer Wireline and Mexico, partially offset by lower Business Wireline
  • Daiwa's View

    Daiwa's View

    21 February 2024 922 KB PDF
    • One- or two-tiered current account structure
    • Short-term money market functioning is key
    • Decision depends on whether BOJ views arbitrage transactions between private banks as big or small
  • Daiwa's View

    Daiwa's View

    16 February 2024 720 KB PDF
    • Very weak GDP growth rate in Japan
    • Weak GDP growth rate in Japan affecting likelihood of additional rate hike from 0.25% to 0.5%
  • Monthly MBS Issue

    Monthly MBS Issue

    15 February 2024 1107 KB PDF
    • RMBS issuance just under Y30bn on sluggish Flat 35 utilization
  • Daiwa's View

    Daiwa's View

    13 February 2024 580 KB PDF
    • Buying of Japanese stocks and selling of yen by overseas players
    • Increase in yen-selling hedging due to rally with Japanese stocks