Primary Dealer Net Positions — Corporate Bonds in 2015
Primary Dealer Net Positions — Corporate Bonds opened 2015 at 30,063 and closed at 11,117, a -63.02% move for the year. The high of 32,057 was reached on June 10, and the low of 6,533 on October 28.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 30,063 | 24,620 | 30,063 | 24,155 | -18.11% |
| Feb | 23,356 | 25,058 | 25,058 | 21,102 | +7.29% |
| Mar | 23,699 | 27,533 | 30,818 | 23,699 | +16.18% |
| Apr | 25,925 | 26,596 | 27,760 | 24,623 | +2.59% |
| May | 22,883 | 28,542 | 30,654 | 22,883 | +24.73% |
| Jun | 27,998 | 26,247 | 32,057 | 26,247 | -6.25% |
| Jul | 24,469 | 25,978 | 27,702 | 24,418 | +6.17% |
| Aug | 22,694 | 21,576 | 23,356 | 21,576 | -4.93% |
| Sep | 20,983 | 13,120 | 20,983 | 13,120 | -37.47% |
| Oct | 18,540 | 6,533 | 18,540 | 6,533 | -64.76% |
| Nov | 15,083 | 20,895 | 20,895 | 15,083 | +38.53% |
| Dec | 18,858 | 11,117 | 24,880 | 11,117 | -41.05% |
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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