Credit Stuff

March 31st, 2016 6:25 am | by John Jansen |

Via Bloomberg:

IG CREDIT: High Volume 10-DMA Records Continue
2016-03-31 09:54:35.823 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $18.9b vs $18.6b Tuesday, $18.7b the previous
Wednesday. 10-DMA $16.6b; 10-Wednesday moving avg $19.4b, a
record high for the series that began in 2005.

* Yesterday’s 10-Tuesday moving avg $18.3b, highest on record
* 10-Monday moving avg $14.8b also a new record high
* 144a trading added $3b of IG volume vs $2.5b on Tuesday,
$2.3b last Wednesday

* The most active issues:
* ABIBB 3.65% 2026
* AAPL 4.65% 2046
* FDX 3.25% 2026; client flows accounted for 93% of volume
* UBS 4.125% 2026 was most active 144a issue with client flows
taking 70% of the volume

* Bloomberg US IG Corporate Bond Index OAS at 171.6 vs 173.6
* 2015-16 high/low: 220.8, a new wide since Jan. 2012, was
seen 2/11/2016 / 129.6
* 2014 high/low 144.7/102.3
* BofAML IG Master Index at +172 vs +173
* +221, the new wide for 2015/16 and widest level since
June 2012 was seen Feb. 11; +129, the tight for 2015-16
was seen Mar. 6
* 2014 range was +151/+106, tightest spread since July
2007
* Standard & Poor’s Global Fixed Income Research IG Index at
+219, unchanged; +262, the new wide going back to 2013, was
seen Feb. 11
* The widest spread recorded was +578 in Dec. 2008
* S&P HY spread at +761 vs +767; +947 seen Feb. 11 was the
widest spread since Oct. 2011
* All time wide was +1,754 in Dec. 2008
* Markit CDX.IG.25 5Y Index at 78.3 vs 82.6
* 124.7, a new wide since June 2012 was seen Feb. 11
* 2014 high/low was 76.1/55.0, the low for 2014 and the
lowest level since Oct 2007

* IG issuance totaled $4.7b Wednesday vs $6.45b Tuesday,
$4.65b Monday
* March IG volume $160.6b
* YTD IG issuance $455b; YTD sans SAS, $377b

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