Early Corporate Bond Stuff

December 28th, 2016 6:35 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Very Short Issues Led Low Volume Trading Session
2016-12-28 10:36:40.869 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $5.7b vs $2.2b Friday, $13.4b the previous Tuesday. 10-
DMA $12.1b; 10-Tuesday moving avg $17b.

* 144a trading added $312m of IG volume vs $229m Friday, $1.6b
last Tuesday

* Trace most active issues:
* Very short 2017 maturities took 9 of the top-10 slots
* In the 8th position was PAA 4.65% 2025 with evenly-
weighted 2-way client flows accounting for 100% of
volume
* 2017 maturities aside, PEMEX 6.50% 2027 was the most active
144a issue with client buying taking 93% of volume

* Bloomberg Barclays US IG Corporate Bond Index OAS at +122, a
new tight for the year and tying the lowest level of 2015,
vs +123
* 2016 wide/tight: 215 (a new wide since Jan. 2012)/122
* 2015 wide/tight: 171/122
* 2014 wide/tight: 137/97
* All time wide/tight back to 1989: 555 (Dec. 2008)/54
(March 1997)

* BofAML US Corporate IG Index at +128, a new tight for the
year and tightest level since Oct. 2014, vs +129

* Standard & Poor’s Global Fixed Income Research IG Index at
+168 vs +167, the tightest spread YTD

* Current markets vs early Tuesday levels:
* 2Y 1.274% vs 1.206%
* 10Y 2.556% vs 2.554%
* DOW futures +34 vs -9
* Oil $54.23 vs $53.25
* ¥en 117.68 vs 117.32

* No IG issuance Tuesday
* December totals $45.225b; YTD $1.6T, outpacing 2015 by 7%

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