Some Corporate Bond Stuff

June 30th, 2016 5:57 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Trading Volume Grows Higher Still, Spreads Tighter
2016-06-30 09:49:18.52 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $17.7b vs $16.7b Tuesday, $13.9b last Wednesday. 10-DMA
$13.2b; 10-Wednesday moving avg $17.2b.

* 144a trading added $2.6b of IG volume vs $2.7b on Tuesday,
$2.3b last Wednesday

* Most active issues (Trace has yet to pick up trading in new
ORCL, TAP issues for this report):
* AET 3.20% 2026 was 1st with client selling 3.4x buying
* APC 8.70% 2019 was next with client flows taking 100% of
volume
* ABIBB 3.65% 2026 was 3rd; client and affiliate flows
took 90% of volume
* DELL 6.02% 2026 was most active 144a issue with client
selling 8:5 over buying

* Bloomberg US IG Corporate Bond Index OAS at 161.9 vs 164.1
* 2016 high/low: 220.8, a new wide since Jan. 2012/150.8
* 2015 high/low: 182.1/129.6
* 2014 high/low: 144.7/102.3

* BofAML IG Master Index at +162 vs +163
* 2016 high/low: +221, the widest level since June
2012/+152
* 2015 high/low: +180/+129
* 2014 high/low: +151/+106, tightest spread since July
2007

* Standard & Poor’s Global Fixed Income Research IG Index at
+210 vs +212
* +262, the new wide going back to 2013, was seen
2/11/2016
* The widest spread recorded was +578 in Dec. 2008

* S&P HY spread at +686 vs +692; +947 seen Feb. 11 was the
widest spread since Oct. 2011
* All time wide was +1,754 in Dec. 2008

* Markit CDX.IG.26 5Y Index at 81.1 vs 84.7
* 73.0, its lowest level since August, was seen April 20
* 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

* Current market levels vs early Wednesday levels:
* 2Y 0.637% vs 0.621%
* 10Y 1.527% vs 1.461%
* Dow futures +47 vs +73
* Oil $49.45 vs $48.48
* ¥en 102.76 vs 102.60

* IG issuance totaled $20.4b Wednesday vs Tuesday’s $5.4b
* June now stands at $88.68b
* YTD IG issuance now $891.6b; YTD sans SAS $749b

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