Treasury Basis Trade Stays In Vogue — Unless Volatility Erupts [BNN Bloomberg (Canada)]
The Bank of New York Mellon Corporation (BK)
Last the bank of new york mellon corporation earnings: 4/16 06:30 am
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US:NYSE Investor Relations:
bnymellon.com/us/en/investor-relations/index.jsp
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Source: BNN Bloomberg
The approach typically calls for purchasing the security that appears undervalued, while selling short the other asset in anticipation the two prices will converge. It relies on significant leverage from borrowing securities in the market for overnight repurchase agreements, which are loans collateralized by Treasuries. Almost 0.8% of all US Treasuries outstanding are on loan, or being shorted, according to a BNY Mellon note to clients that cites the bank's securities lending program. That suggests leveraged money is borrowing bonds to short at the fastest rate since 2018, according to the bank. And short positions in two- and five-year Treasuries for leveraged funds have grown, according to Commodity Futures Trading Commission data. Meanwhile, BNY Mellon's proprietary iFlow data show that since the middle of 2023, flows into the US Treasury market have been consistently positive, John Velis, a foreign-exchange and macro strategist at the bank, wrote in the note. While funding
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News
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- The Bank of New York Mellon Co. (NYSE: BK) was upgraded by analysts at Keefe, Bruyette & Woods from a "market perform" rating to an "outperform" rating. They now have a $70.00 price target on the stock, up previously from $60.00.MarketBeat
- Chinese Builder Sino-Ocean Group Gets Wind-Up Petition in HK [BNN Bloomberg (Canada)]BNN Bloomberg
BK
Earnings
- 4/16/24 - Beat
BK
Sec Filings
- 6/28/24 - Form 8-K
- 6/28/24 - Form 24F-2NT
- 6/27/24 - Form 497
- BK's page on the SEC website