Secondary market Trading of Corporate Bonds: Still Heavy

January 30th, 2015 7:19 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Trading Volume Remains at Record High Levels
2015-01-30 10:46:26.974 GMT

By Robert Elson
(Bloomberg) — Trace count for secondary trading ended at
$19.2b vs $20.8b Wednesday, the highest session in the history
of the Trace aggregates, vs $18.2b last Thursday.
* $19.2b yday, 7th highest volume since Jan. 2005
* Previous days over $20b were in Sept. 2013, May 2009; 5 days
between $19b-$20b have occurred
* 10-DMA $16.1b
* 4-wk moving avg was $14.3b yday, more than on 96% of trading
days since Jan. 2005
* Most active issues longer than 3 years
* VZ 6.55% 2043 with client selling 6:5 over buying,
together accounting for 75% of volume
* T 4.35% 2045 was next with client flows at 72%
* ETN 2.75% 2022 was 3rd, client flows at 96% of volume
* ETN 2.75% 2022 was 3rd, client flows at 96% of volume</li></ul>
* MDT 3.50% 2025 was most active 144a issue; client flows took
88% of the volume with selling 1.7x buying
* BofAML IG Master Index at +151, unchanged; 2014 range was
+151, seen Dec 16; +106, the low and tightest spread since
July 2007 was seen June 24
* Standard & Poor’s Global Fixed Income Research IG Index
unchanged at +181, for 5th session in a row; +182, the wide
for 2014-2015, was seen Jan. 16; +140, the 2014 low and new
post-crisis low was seen July 30, 2014
* Markit CDX.IG.22 5Y Index at 67.8 vs 68.3; 76.1, the wide
for 2014 was seen Dec 16; 55 was seen July 3, the low for
2014 and the lowest level since Oct 2007
* IG issuance totaled $6.2b Thursday; weekly volume $18.45b,
and 2015 at $132.25b.
* Pipeline of expected domestic, SSA issuers and M&A-related
deals for 2015

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