Some Corporate Bond Stuff

October 27th, 2016 6:30 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Client Buying of Long Bonds Lead High Volume Session
2016-10-27 10:12:19.770 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $18.9b vs $19.5b Tuesday, $18.1b last Wednesday.

* Highest of any Wednesday since $19.6b on July 20
* 15th highest of any Wednesday since Nov. 2005, more than 98%
of the Wednesdays since Nov. 2005
* 10-DMA $16b; 10-Wednesday moving avg $17.4b
* 144a trading added $2.9b of IG volume vs $2.7b Tuesday,
$2.3b last Wednesday

* Trace most active issues:
* F 4.75% 2043 was 1st with client buying twice selling
* GILD 4.15% 2047 was next with client buying 1.7x selling
* ABIBB 4.90% 2046 was 3rd with client buying 1.8x selling
* DAIGR 1.125% 2017 was the most active 144a issue with client
flows accounting for 100% of volume

* Bloomberg Barclays US IG Corporate Bond Index OAS at 131 vs
130
* 2016 wide/tight: 215 (a new wide since Jan. 2012)/129
* 2015 wide/tight: 171/122
* 2014 wide/tight: 137/97
* All time wide/tight back to 1989: 555 (Dec. 2008)/54
(March 1997)

* BofAML IG Master Index at +136 vs +135, its tightest spread
of 2016; 2015 tight was +129

* Current markets vs early Wednesday, Tuesday, Monday levels:
* 2Y 0.876% vs 0.863% vs 0.844% vs 0.828%
* 10Y 1.818% vs 1.760% vs 1.768% vs 1.724%
* Dow futures -9 vs -77 vs +22 vs +77
* Oil $49.38 vs $49.31 vs $50.86 vs $50.86
* ¥en 104.72 vs 104.14 vs 104.46 vs 103.91

* U.S. IG BONDWRAP: 2nd Double-Digit Session Brings Week Over
$25b
* October total now $132.155b; YTD $1.47t

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