Some Corporate Bond Stuff

September 30th, 2016 6:14 am | by John Jansen |

Via Bloomberg:

IG CREDIT: DOW, KMI Led Trading on 100% Client Flows
2016-09-30 09:51:24.127 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $15.8b vs $18.6b Wednesday, $18.5b last Thursday. 10-
DMA $15.9b; 10-Thursday moving avg $15.3b.

* 144a trading added $3.2b of IG volume vs $2.6b on Wednesday,
$2.7b last Thursday; yesterday was the highest 144a trading
session since $3.5b June 8

* Trace most active issues:
* DOW 8.55% 2019 was 1st with client flows accounting for
100% of volume; buying twice selling
* KMI 3.95% 2022 was next; client selling was 2.3x buying,
together taking 100% of volume
* GS 4.25% 2025 was 3rd with trades between dealers taking
62% of volume, affiliate buying 19%
* CADES 1.25% 2018 was the most active 144a issue with client
and affiliate flows taking 80% of volume

* Bloomberg Barclays US IG Corporate Bond Index OAS remains
unchanged at 138 for 4th session in a row
* 2016 wide/tight: 215 (a new wide since Jan. 2012)/135
* 2015 wide/tight: 171/122
* 2014 wide/tight: 137/97
* All time wide/tight back to 1989: 555 (Dec. 2008)/54
(March 1997)

* Current market levels vs early Thursday, Wednesday:
* 2Y 0.726% vs 0.762% vs 0.746%
* 10Y 1.544% vs 1.582% vs 1.572%
* Dow futures -36 vs +10 vs -15
* Oil $47.23 vs $46.84 vs 44.86
* ¥en 101.10 vs 101.41 vs 100.72

* IG issuance totaled $10.2b Thursday vs $6.4b Wednesday, $3b
Tuesday, $5.6b Monday
* September volume at $172.41b, 2nd highest of the year;
May topped $200b
* YTD $1.33t

* Pipeline – $25b Priced So Far, More Today Is Possible; List
Grows Longer

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