Latest News
Bond market says not only is a recession coming, but the Fed will cut interest rates to stop it
By: Patti Domm | March 25, 2019
“People are starting to get fearful,” said Andrew Brenner of National Alliance. “It won’t last for long, but they’re getting fearful about a recession. You had a Fed that changed course 180 degrees and then added to it last week. That caught the market off guard.” Read More
By: Ben Levisohn | March 11, 2019
NatAlliance Securities’ Andrew Brenner suspects that the delay is a result of Xi not wanting to come to the U.S. and walk away without a deal. “Tariff negotiations do not seem to be going well and that is a problem,” Brenner writes. “In fact the mantra has probably changed from buying on the rumor of a trade deal and selling on the fact, to buying on the deal if it is a real deal.” Read More
By: Daniel Kruger | February 19, 2019
The rise in demand for safe assets such as U.S. Treasury debt shows “there’s a full recognition of how bad the global economy is right now,” said Andrew Brenner, head of global fixed income at NatAlliance Securities. Read More
Santelli Exchange: More pain on the way for Europe
National Alliance Securities’ Andy Brenner and CNBC’s Rick Santelli discuss global economic slowing and the markets.
Santelli Exchange: More pain on the way for Europe from CNBC.
Bulls Cheer as Fed’s Capitulation to Markets Reaches Climax
By: Elena Popina and Lu Wang | January 30, 2019
“The Fed threw in the towel today, taking rate increases off the table,” Andrew Brenner, the head of international fixed-income at Natalliance Securities in New York, said after the announcement. “We have never seen the Fed reverse cold turkey as fast as they have since the last meeting. Read More
Natalliance’s Brenner On CNBC…Santelli Exchange: Isolating China
National Alliance Securities’ Andy Brenner and CNBC’s Rick Santelli discuss winning the early battles of the economic war with China.
U.S. Government Bonds Fall as Wages Jump
By: Daniel Kruger | September 7, 2018
The rise in yields could be moderated by continued turmoil in emerging markets and by sluggish growth in other developed economies, said Andrew Brenner, head of global fixed income at NatAlliance Securities. While growth in the U.S. remains robust, “the question is how much longer the U.S. can remain an island unaffected by what’s going on globally,” he said. Read More
Natalliance’s Brenner On CNBC…Global Rates…Treasuries…EMG
National Alliance Securities’ Andy Brenner and CNBC’s Rick Santelli discuss 10-year technicals and fundamentals ahead of Fed Chairman Powell’s speech at Jackson Hole on Friday.
Santelli Exchange: 10-year caught in the crossfire from CNBC.
By: Ben Levisohn | July 19, 2018
The Yield on the 10-year treasury has dipped 0.036 percentage point to 2.84%, while the dollar suddenly tumbled. “Whether Jerome Powell blinks or not with the Trump comments, the bond market is not waiting,” writes NatAlliance Securities’ Andrew Brenner. Read More
By: Ben Levisohn | July 2, 2018
“Tariffs are now real,” writes NatAlliance Securities’ Andrew Brenner. “Markets don’t like it, and while the effects may be small to start for GDP numbers, the sentiment is causing risk off to look ugly.” S&P 500 futures have declined 0.6% at 9:00 a.m. this morning, while Dow Jones Industrial Average futures have fallen 158 points, or 0.7%, and Nasdaq Composite futures have dropped 0.8%. Read More
Stocks fall as US-China trade tensions escalate
State Street Active Quant Equity CIO Olivia Engel and NatAlliance Global fixed income head Andy Brenner on where investors can find value in the stock market.
By: CNBC | May 23, 2018
National Alliance Securities Head of International Fixed Income Andy Brenner and CNBC’s Rick Santelli discuss Italy’s financial stability risk and the Turkish lira selloff. VIDEO
By: Sean Vesey | May 15, 2018
Hudson Yards is the largest development project in New York City since Rockefeller Center rose from the streets in the 1930’s. It has forever changed the New York City skyline and it is a shining example of what can be accomplished when public and private entities work together towards a common goal. It was also financed, in part, with municipal bonds. READ MORE
By: Dean Myerow | May 16, 2018
As of May 14th, 2018, FINRA Rule 2232 went into effect which requires broker dealers to disclose on customer confirmations their markup for principal trades executed within the same day. Previously, these markups were not disclosed and were rarely discussed. Since bonds are bought and sold on a yield basis, if an investor was looking for a certain yield, maturity, and credit quality, brokers would make sure they achieved these goals while still making a mark-up for themselves. Sometimes this markup was minuscule as is the case with high quality, very short-term bonds. Sometimes it was as much as 3% as it would be on a highly speculative, long dated bond. Dealers would buy bonds in the open market and mark the price up to their clients to cover their expenses and earn a living. READ MORE
By: Ben Levisohn | May 15, 2018
Since bond prices and yields move in opposite directions, the yield on the 10-year Treasury rose to 3.043% at 9:00 a.m. today, though it appears to have traded as high as 3.0669%, according to NatAlliance Securities’ Andrew Brenner. “[A] new trend is starting,” he writes. “Last time we were at these levels was in the summer of 2011.” READ MORE
By: Nora Colomer | April 24, 2018
“I am surprised at how quickly the Ad Hoc group of bondholders and FES came to an agreement,” said Dean Myerow, Portfolio Manager at Las Olas Wealth Management of NatAlliance Securities LLC. “This bodes well for creditors since complex cases like this have the potential to be litigated for years.” READ MORE
By: Ben Levisohn | April 12, 2018
The market even survived a brief dip when reports broke that the Trump administration was actively considering sites to bomb in Syria. At this point, though, it might just be noise to tune out. “[Expect] the market to chop around for the rest of the day and tomorrow as well, unless there is a bombing,” writes Andrew Brenner at NatAlliance Securities. “Then markets will drop, and if there is the view that it is one and done, it will come back.” READ MORE
By: Fred Imbert and Alexandra Gibbs | April 9, 2018
“It’s certainly sending it down into the close,” said Andrew Brenner of National Alliance Securities, about the report, which was later confirmed by NBC News. “I think the equities market was having its own negative momentum.” READ MORE
By: Nora Colomer | April 05, 2018
“The debt restructuring process for First Energy Solutions bondholders will be messy,” said Dean Myerow, municipal bond portfolio manager at NatAlliance Securities LLC. “FES’ assets may be difficult to sell as the company seeks to shed its debt. The coal and nuclear power plant assets suffer from stiff competition especially from other energy generating plants around the country that use cheaper forms of fuel such as natural gas.” READ MORE
By: Pan Kwan Yuk, Joe Rennison and Peter Wells | April 2, 2018
“There is a risk-off mentality and it has really kicked in in the last hour and a half,” said Andrew Brenner, a partner at National Alliance Securities, a brokerage. “The president’s continued attack against one of the best performing stocks – Amazon – is definitely causing nervousness. It gives the Fed cause to slow down their hawkish talk. I think you are going to see some backtracking.” READ MORE
By: Alex Nussbaum, Bloomberg | March 28, 2018
The move comes as oil majors and independents both focus spending in the region. It “has the potential” to boost shares for small-cap drillers operating there, and may trigger a run on them by bigger producers, said Leo Mariani, an Austin-based analyst for NatAlliance Securities. READ MORE
By: Ben Levisohn | March 27, 2018
Why did the market drop? No headlines this time, but it could be the drop in the 10-year Treasury yield, which closed at 2.79%, its lowest since Feb. 6 based on 3:00 p.m. yields. “We think 10 years move through 2.80 and then get an acceleration through to 2.65 ish,” writes NatAlliance Securities’ Andrew Brenner. “3% is still in the cards, we just think 2.65 comes first.” READ MORE
It’s Not Just Tech. Credit Markets Give Fuel to Equity Rout
By: Dani Burger and Sid Verma | March 19, 2018
“Credit leads equities and will underperform,” said Andrew Brenner, the head of international fixed-income at Natalliance Securities in New York, citing Federal Reserve hikes, signs of softer U.S. output and corporate sales of short-term U.S. debt. “We expect equities to catch up on the downside.” READ MORE.
HE’S BRINGING THE MOJO TO BIG CITY PLANNING
By: Zara Stone | March 9, 2018
Dean Myerow, portfolio manager at Las Olas Wealth Management of NatAlliance Securities, agrees. “Wall Street public finance underwriting is a capital-intensive niche ruled by the likes of Morgan Stanley [et al.], and upending their firm grip on the marketplace will be the challenge,” he says. Myerow also has concerns about whether the platform is robust enough to handle billion-dollar deals. READ MORE
Stocks rattled after Trump economic adviser Gary Cohn quits
By: Nicole Bullock and Joe Rennison | March 7, 2018
“There is really no great markets person left in the administration,” said Andrew Brenner at NatAlliance Securities. “I would like to have seen him stay and so would the markets.” READ MORE.
CVS Supersize $44B Bond for Aetna Deal Gets Triple Orders
By: Randall Forsyth | March 6, 2018
Like Treasury auctions, CVS’ deal is drawing a similar multiple of bids for the new issues—some $120 billion, according to Andrew Brenner of Natalliance Securities.. READ MORE
Pioneer Natural Resources (PXD) Upgraded to “Buy” by NatAlliance Securities
By: Anthony Sawyer | February 12, 2018
Pioneer Natural Resources (NYSE:PXD) was upgraded by investment analysts at NatAlliance Securities from a “hold” rating to a “buy” rating in a report released on Monday. READ MORE.
Here’s why the stock market is in turmoil and why it’s not likely to end anytime soon
By: Patti Domm | February 08, 2018
“I think 2.90 could be broken at any point in the next 36 hours,” said Andrew Brenner of National Alliance. That would make 3 percent the next stop. Brenner said the U.S. yield was tethered to the German bund yield early Thursday, and both moved up together. That could be another influence overnight. READ MORE
Big Oil Stocks Fail to Attract Buyers as Selloff Persists
By: Michael Bellusci | February 05, 2018
“It is pretty clear that there are no buyers willing and ready to step-in on weakness in a group that has underperformed for 12 months and is undervalued on both a relative and absolute basis,” Leo Mariani, an energy specialist at NatAlliance Securities, said in a note to clients Friday. READ MORE
Hartford Municipal Bonds Rebound
By: Dean Myerow | February 06, 2018
In the summer of 2017, Hartford CT Mayor, Luke Bronin declared that without help from the State of Connecticut, the capital city would need to file bankruptcy. READ MORE
Dow, S&P have first back-to-back losses of 2018
Virtu floor trader Matt Cheslock, Price Futures Group’s Phil Flynn, National Securities fixed income head Andy Brenner and B. Riley FBR’s Art Hogan discuss the market sell off on Wall Street.
First Energy Solutions Edges Closer to Defaulting
By: Dean Myerow | January 29, 2018
On Tuesday January 23rd 2018, Moody’s downgraded the debt of First Energy Solutions (FES) a subsidiary of First Energy (NYSE: FE) to Ca from Caa1. This downgrade further highlights the well-publicized financial problems facing FES and other regulated power generation companies in the United States. READ MORE
U.S. Government Bonds Fall, With 10-Year Yield Rising Above 2.7%
By: Daniel Kruger | January 29, 2018
“The Treasury market’s going to be taking it on the chin,” said Andrew Brenner, head of global fixed income at NatAlliance Securities. “You’ve set yourself into a bear market.” READ MORE
Guyana got “low” royalty, signing bonus from ExxonMobil – US energy analyst. Trotman: “best arrangement” in the circumstances
By: Denis Chabrol | January 28, 2018
“The thing to focus is the royalty rate is low. It’s two percent royalty rate; that’s pretty low to be honest. Typically, host countries get higher royalty,” Leo Mariani, who covers explorers and producers at the New York and Texas-based NatAlliance Securities, told Demerara Waves Online News. He said royalty rates are generally five, seven or 10 percent. READ MORE
Where Amazon and Municipal Bond Finance Collide
By: Dean Myerow | January 24, 2018
Amazon.com, Inc (NASDAQ: AMZN) is looking for a new headquarters, but the biggest cities vying for the privilege are drowning in debt, and having a new HQ in a high debt city won’t be good for Amazon going forward. READ MORE
Muni Bonds From a Roar to A Whimper For Yield 2018
By: Dean Myerow | January 22, 2018
The municipal bond market has entered 2018 rather quietly, compared to the fevered pitch it reached as we ushered out 2017. The start of the New Year has not been kind to those looking to put their money to work in the tax-free municipal bond market. READ MORE
Bond ETFs Awash in Pain May Be Red Flag for Risk Appetite
By: Dani Burger and Sid Verma | January 22, 2018
It’s much faster to make a short, or bearish, bet on an ETF than through cash bonds, according to Andrew Brenner, the head of international fixed-income at Natalliance Securities in New York. Later when traders cover those shorts the ETFs recover, he said. READ MORE
Investors Are Seeing Something Unfamiliar in 2018: Sweet Yields
By: Dani Burger | January 04, 2018
“It’s the right strategy if you’re looking for income,” said Andrew Brenner, head of international fixed income at Natalliance Securities in New York. “You should be moving all your assets and risk into shorter fixed-income because you’re getting paid for it.” READ MORE
Be Reasonable! Dow Jumps 150 Points, Breaks 25,000 Because Greed Is Good
By: Ben Levisohn | January 04, 2018
About that number. NatAlliance Securities’ Andrew Brenner calls it “meaningless.” Not only did U.S. indexes close higher, Japan soared, Europe rallied, and even Greek bonds were being bought, he says. READ MORE
Puerto Rico’s post-Maria recovery under further strain as residents flee island by the masses
By: Ashley Williams | November 06, 2017
“It’s an absolute humanitarian crisis on top of the existing economic crisis that was there before,” said Dean Myerow, bond portfolio manager for Las Olas Wealth Management of NatAlliance Securities, LLC. READ MORE
Wall Street has a problem with this part of the new tax plan
By: Bob Pisani | November 02, 2017
The long-awaited tax bill has finally arrived, and it does indeed reduce the corporate tax rate to 20 percent from 35 percent. But buried in the bill (page 217 of the 429-page bill) are a few short paragraphs that appear to limit the deductibility of corporate debt. READ MORE
As Defaults Mount And Loom, It May Be Time To Dust Off Meredith Whitney’s Analysis
By: Dean Myerow | June 12, 2017
As defaults mount and loom, it may be time to dust off Meredith Whitney’s analysis. READ MORE
Bankruptcy Should Be A Last Resort For Struggling Hartford, Conn.
By: Dean Myerow | May 17, 2017
Last Tuesday, the Mayor of Hartford, Conn., Luke Bronin, announced that he has had initial conversations with attorneys who specialize in Chapter 9, municipal bankruptcy. The move was a surprise to the municipal bond market as well as other members of the Hartford city board who were unaware of the mayor’s intentions, and many called the move premature. READ MORE
Dean Myerow and Sean Vesey Launch Las Olas Wealth Management of NatAlliance Securities
By: Dean Myerow | May 23, 2017
Las Olas Wealth Management launched recently as a premier wealth management group within NatAlliance Securities LLC of New York City. Specializing in municipal bonds and tax advantaged income, Las Olas Wealth Management is dedicated to helping institutions and high-net-worth families manage their municipal bond portfolios. READ MORE