Secondary Market Corporate Bond Trading on Friday

August 31st, 2015 5:44 am | by John Jansen |

Via the good folks at Bloomberg:

IG CREDIT: Highest Volume Since May; Issuance May Re-Start
2015-08-31 09:36:47.437 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $12.4b Friday vs $17.6b Thursday, $7.3b the previous
Friday. 10-DMA $12.8b. It was the highest volume Friday session
in the record $17b seen May 29.

* 10-Friday moving avg $9.9b.
* 144a trading added $1.6b of IG volume Friday vs $3b on
Thursday, $1.3b last Friday
* 9 of the top-10 most active list issues matured in under 2
years
* LLOYDS 6.375% 2021, in the 8th position saw dealer-to-
dealer trades account for 55 of volume; client buying
1.8:1 over selling
* INTNED 4.00% 2016 was most active 144a IG issue with client
buying accounting for 100% of volume
* Bloomberg US IG Corporate Bond Index OAS at 174.1 vs 175.8;
178.2, the new wide for 2015, was seen Aug. 24; 129.6 was
2015 low; 2014 high/low 144.7/102.3
* BofAML IG Master Index at +169 vs +170; +172, the wide for
2015 was seen Aug. 25-27; +129, the tight for 2015 was seen
Mar. 6; 2014 range was +151/+106, the tightest spread since
July 2007
* Standard & Poor’s Global Fixed Income Research IG Index at
+211 vs +212; +213 the new wide for 2015 was seen Aug. 26
* Markit CDX.IG.24 5Y Index at 80 vs 78.9; 87.9, the wide for
2015 was seen Aug. 24; 2014 high/low was 76.1/55.0, the low
for 2014 and the lowest level since Oct 2007
* No domestic IG issuance last week; Q priced $700m 3Y FRNs
Friday, the only deal of the week; month at $63.6b
* YTD IG issuance $1.094T
* Pipeline – Issuance is expected to re-start this week; may
include $2b ADP debut

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