EQUITIES CLIMBED HIGHER as a possible U.S. and China trade agreement could soon be accomplished. Beijing’s top central banker stated, “China had agreed not to devalue its currency to support its exporters.” Shares of Boeing contracted after a 737
|Key Gainers and Losers||Volume Leaders|
|Verizon Communications Inc. 4.522% 9/15/2048
GE Capital Intl. Funding Co. 4.418% 11/15/2035
Northrop Grumman Corp. 2.93% 1/15/2025
|Industry Returns Tracker|
|New Issues||New Issues [Continued]|
1. Helmerich & Payne Intl. Drilling Co. (USD) 4.65% 3/15/2024 (03/11/2019): 487MM Senior Unsecured Notes.
Helmerich & Payne Intl. Drilling Co. The most recent data showed money flowed out of high-yield ETFs/mutual funds for the week ended 3/8/2019, with a net outflow of $1.69B, year-to-date $7.8B flowed into high-yield.
|Top Widening Credit Default Swaps (CDS)||Top Narrowing Credit Default Swaps (CDS)|
|Hertz Corp. (5Y Sen USD MR14)
Hovnanian Enterprises Inc. (5Y Sen USD MR14)
|SuperValu Inc. (5Y Sen USD XR14)
Atmos Energy Corp. (5Y Sen USD MR14)
Loans and Credit Market Overview
Deals recently freed for secondary trading, notable secondary activity:
- MYOB LTD, Dell International, Amer Sports Corp., Orchid Orthopedic Solutions, Neustar Inc
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 16 bp (basis points), as of 03/11/19
- Net positive capital flows into high-yield ETFs & mutual funds
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