Secondary market Trading in Corporate Bonds Yesterday

May 29th, 2015 6:46 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Volume Lower, Spreads Wider; Pipeline Grows Further
2015-05-29 10:04:05.433 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $14.9b vs $17.8b Wednesday, $15.5b last Thursday. 10-
DMA $13.8b.

* 144a trading added $2.5b of IG volume vs $2.8b on Wednesday,
$2.2b last Thursday
* UBS 2.35% 2020 topped the most active list with client flows
accounting for 62% of volume, selling 1.6x buying
* The next 3 most active issues were 2018 maturities from
TOTAL, FMSWER, AAPL
* COLPIP 3.30% 2020 was most active 144a issue; client flows
accounted for 100% of volume
* Bloomberg US IG Corporate Bond Index OAS at 141.5 vs 140.5;
2015 high/low 147.3/129.6; 2014 high/low 144.7/102.3
* BofAML IG Master Index +136, the widest spread since +137 on
April 1, vs +135; +129, the tight for 2015 was seen Mar. 6;
2014 range was +151, seen Dec 16; +106, the low and tightest
spread since July 2007 was seen June 24
* Markit CDX.IG.24 5Y Index at 63.9 vs 62.9; 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 $8.9b Thursday vs $12.05b Wed., $1.75b
Tuesday
* May’s IG issuance total now $173.3b; YTD $757.985b
* Pipeline – List continues to grow

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