5-Year Note Primary Dealer Share in 2015
5-Year Note Primary Dealer Share opened 2015 at 27.41% and closed at 36.47%, a +33.06% move for the year. The high of 42.44% was reached on August 26, and the low of 27.10% on July 29.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 27.41% | 27.41% | 27.41% | 27.41% | +0.00% |
| Feb | 32.37% | 32.37% | 32.37% | 32.37% | +0.00% |
| Mar | 39.43% | 39.43% | 39.43% | 39.43% | +0.00% |
| Apr | 33.07% | 33.07% | 33.07% | 33.07% | +0.00% |
| May | 31.42% | 31.42% | 31.42% | 31.42% | +0.00% |
| Jun | 37.70% | 37.70% | 37.70% | 37.70% | +0.00% |
| Jul | 27.10% | 27.10% | 27.10% | 27.10% | +0.00% |
| Aug | 42.44% | 42.44% | 42.44% | 42.44% | +0.00% |
| Sep | 31.49% | 31.49% | 31.49% | 31.49% | +0.00% |
| Oct | 37.20% | 37.20% | 37.20% | 37.20% | +0.00% |
| Nov | 33.13% | 33.13% | 33.13% | 33.13% | +0.00% |
| Dec | 36.47% | 36.47% | 36.47% | 36.47% | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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