Some Corporate Bond Stuff

December 29th, 2016 6:45 am | by John Jansen |

Via Bloomberg:

IG CREDIT: Lowest Volume Wednesday in a Year
2016-12-29 10:53:07.330 GMT

By Robert Elson
(Bloomberg) — Secondary IG trading ended with a Trace
count of $4.8b vs $5.7b Tuesday, $11.5b last Wednesday. It was
the lowest volume Wednesday session since $3.4b 12/30/2015.

* 10-DMA $10.7b vs its recent high of $18.7b as of Nov. 22;
10-Wednesday moving avg fell to $16.4b vs $17.7b
* 144a trading added $350m of IG volume vs $312m Tuesday,
$1.1b last Wednesday

* Trace most active issues:
* Very short 2017 maturities again took the bulk of the
top-10 slots with 8
* In the 4th position was WFC 2.15% 2019 with client flows
accounting for 96% of volume; selling 4.3x buying
* GS 5.75% 2022 was 8th with client and affiliate flows
taking 100% of volume
* BATSLN 1.85% 2018 was the most active 144a issue with client
buying taking 100% of volume

* Bloomberg Barclays US IG Corporate Bond Index OAS unchanged
at +122, a new tight for the year and tying the lowest level
of 2015
* 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 unchanged at +128, a new tight
for the year and tightest level since Oct. 2014

* Standard & Poor’s Global Fixed Income Research IG Index
unchanged at +168; +167, the tightest spread YTD, was seen
Dec. 23

* Current markets vs early Wednesday, Tuesday levels:
* 2Y 1.242% vs 1.274% vs 1.206%
* 10Y 2.473% vs 2.556% vs 2.554%
* DOW futures -5 vs +34 vs -9
* Oil $53.95 vs $54.23 vs $53.25
* ¥en 116.44 vs 117.68 vs 117.32

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

* Pipeline – JNJ Added Back to M&A List for 2017

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